PriyaPatel
TLDR:
- Understory secures $15M Series A funding to expand into the renewable energy sector.
- Their technology aims to offer innovative insurance solutions to mitigate severe weather risks for solar farms.
Key Elements of the Article:
Understory, a weather data and insurance provider, raised $15 million in Series A funding to expand into the renewable energy sector. The company was founded in 2014 with a focus on improving weather forecasting using cutting-edge ground-level weather stations. Over the years, Understory developed comprehensive catastrophe models to assess risk for properties and transitioned to offering their data as a Software-as-a-Service (SaaS) product.
In a significant move, Understory partnered with an industry expert to launch their own insurance company and developed the Dealers Open Lot insurance solution, which significantly reduced weather-related damages for US auto dealers. This approach led to a 500% year-over-year growth for the company.
The recent Series A funding round, co-led by True Ventures and Prelude Ventures, highlights investor confidence in Understory’s vision and growth potential. The funding will support the company’s expansion into the renewable energy sector, where their technology can predict weather events with 45 minutes of notice, allowing solar farm operators to take preemptive measures to reduce losses.
Understory’s commitment to addressing real-world problems and scaling solutions that tackle severe weather risks in various industries exemplifies their growth from a tech-focused startup to a leading figure in the insurance market.
