The Israeli-Founded platform for weather and Climate security Tomorrow.io to go public on Nasdaq at $1.2 billion with Pine Technology Acquisition Corp, a special purpose acquisition company (SPAC). The deal is expected to close in the first half of 2022.
A SPAC is a publicly-traded pool of cash with no business activity other than looking for a private firm to merge with and subsequently take public.
Tomorrow.io expects to receive up to $420 million in gross transaction proceeds. The new fund will be used to launch radar-equipped satellites as well as some strategic M&A. The company has raised $185 million to date.
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Founded in 2016 by Shimon Elkabetz, Rei Goffer, and Itai Zlotnik Tomorrow.io was then called ClimaCell.
The Boston-based startup improves weather forecasting via a visualization map that displays over 30 different weather and air parameters. The software gives hyper-local, extremely accurate environmental data, as well as historical, real-time, and forecasting data. It is also adapted to the client’s special needs. Different buyers have different value propositions and different solutions.
The company provides its clients with real-time accurate weather data as well as actionable suggestions tailored to their specific needs. Clients include Uber, Ford Motor, Delta Airlines, JetBlue Airways, National Grid, and the U.S. Air Force.
Weather-related losses in the United States are expected to exceed $100 billion in 2020.
The company doesn’t just give raw facts like the temperature or wind speed. It actually provide business insights and action recommendations such as stopping the train, postponing the game, calling in more drivers, and so on, which is critical because most businesses are affected by the weather but do not know how to understand weather data