dClimate, a NYC-based decentralized network for climate data, closed a $3.5m seed financing.
The round was led by CoinFund, with participation from Multicoin Capital and Republic Labs.
The company intends to use the funds, raised in exchange for the network’s native governance token, WTHR, to hire development talent and expand the network’s data trove by attracting more participants to the marketplace.
Led by Sid Jha, founding partner, dClimate is a decentralized marketplace where climate data, forecasts, and models are standardized, monetized, and distributed. The marketplace connects data publishers directly with data consumers, making climate data more accessible and reliable. When data providers share data and forecasts with the market it is automatically scored for reliability, which helps consumers to shop for information. In exchange, dClimate creates a direct-to-consumer distribution mechanism to monetize their work.
dClimate was conceived of by the founders of Arbol Inc., an InsurTech platform for parametric products which leverages blockchain and a decentralized climate data infrastructure to help businesses protect themselves against various forms of weather and climate risk. Arbol will be an anchor client for dClimate, using data and models obtained from the network for its parametric and derivatives products.