The Climate Corporation, a San Francisco, CA-based company that aims to help people and businesses manage and adapt to climate change, has closed a $50m funding.
The round was led by new investor Founders Fund, with participation from existing and new investors Khosla Ventures, Google Ventures, NEA, Index Ventures, Atomico, Glynn Capital, and Western Technology Investment.
The company intends to use the funding to expand its set of customer applications. It also plans to hire more than 50 quantitative researchers, data scientists, and software engineers to expand its team.
Led by CEO David Friedberg, The Climate Corporation has developed a technology platform that measures the weather at a hyper-local level and pays farmers when bad weather occurs, based on a proprietary understanding of the exact impact local weather events will have on a farmer’s profits.