Rainbow Weather, a Polish meteorological AI driven tech startup, raised almost $2M in funding.
Backers included Venture Capitalist firms Kolos Ventures, Verras Capital and Melnichek Investments. Furthermore, the company which trades as Rainbow Meteo Technologies and is based in Poland, has had further financial backing from the European Bank for Reconstruction and Development.
The company intends to use the funds to expand operations and its business reach.
Founded by Yury Melnichek and Alexander Matveenko, Rainbow Weather provides accurate and instant weather forecasts using artificial intelligence. The company says it delivers weather predictions based on a wide range of data sources (from satellites and meteorology stations to user reports and shared barometer data). Their first product on the market is the mobile app for iOS and Android which provides hyperlocal forecasts notifying users about upcoming rain and snowfalls, storms and hurricanes and their movements on the map. It has achieved 3.5 percentage points of rain prediction precision over Apple Weather in the US (where Apple has the best coverage) and 9.5 percentage points over AccuWeather worldwide. Precision was calculated based on the share of rain accurately predicted within a 30-minute forecast window. To put these numbers into perspective, that means for every million weather app users, 35,000 to 95,000 more people will get correctly notified about an upcoming shower if they opt for Rainbow Weather.
FinSMEs
07/11/2023