India-based environmental data platform Skymet has received an undisclosed amount in series C funding from German public-private partnership InsuResilience Investment Fund as media group Daily Mail and General Trust (DMGT) sold shares, LiveMint reported yesterday.
DMGT and another Skymet investor, impact venture capital fund Omnivore Capital, sold shares to InsuResilience in the round.
Founded in 2003, Skymet has built a network of 3,500 automatic weather stations that can source information on climate, crops and dangerous weather conditions for business customers.
Skymet already provides climate data to crop insurance brokers and energy utilities in addition to standard weather forecasts. The capital will help further expand these services as well as disaster management and crop measurement.
InsuResilience reportedly now holds a 26.8% equity interest in SkyMet. The vehicle was started by German development bank KfW on behalf of the government in July 2017 as a continuation of the Climate Insurance Fund.
Skymet received $4.5m in a series B round led by DMGT’s business data unit, DMG Information, and backed by Omnivore Partners. Omnivore had provided $700,000 in series A funding for Skymet in 2011 in return for a 33% stake.
– The original version of this article appeared on our sister site, Global Government Venturing.