PlanetiQ, a Boulder, CO-based high-definition satellite-based weather forecasting and analytics company, closed an $18.7m Series B funding.
The round was co-led by New Science Ventures and AV8 Ventures with participation from existing and new investors Valo Ventures, Kodem Growth Partners, Access Venture Partners, Virginia Tech Innovation Fund, Hemisphere Ventures, Service Provider Capital, Earth Investments, Moonshots Capital, and an unnamed Kansas City-based family office. In conjunction with the funding, New Science Ventures partner, Vivek Mohindra, and AV8 Ventures managing director, George Ugras, will join PlanetiQ’s Board of Directors.
The company, which brings total funding to $23.9m, intends to use the funds to launch its satellite constellation.
Led by founder and chairman Chris McCormick and CEO Steve Joanis, PlanetiQ is to launch a commercial satellite constellation exclusively focused on weather, climate and space weather. The company’s data and services can be applied to a diverse range of commercial and government customers worldwide in areas including weather forecasting, aviation, shipping, offshore oil and gas, defense, intelligence, energy, agriculture, insurance, retail and transportation.
PlanetiQ plans to launch its first two spacecraft into orbit at the end of 2019, with the 20-spacecraft constellation being launched during the next two years.