WeatherXM AG, a Zug, Switzerland-based contributor to the WeatherXM Network, a provider of a decentralized physical infrastructure network (DePIN), raised $7.7M in Series A funding.
The round was led by Lightspeed Faction. Additional participating investors included Protocol Labs, Borderless Capital, Arca, Alumni Ventures, Placeholder VC, Red Beard Ventures, Metaplanet, GS Futures, Consensys Mesh, Westerly Ventures, dlab, Eleftherios Diakomichalis and Juan Benet.
The company intends to use the funds to grow the team, and the network, and continue research and development in crypto-enabled weather hardware and decentralized infrastructure.
Founded in 2022, WeatherXM produces a variety of weather station hardware devices that collect local environmental data, collaboratively building a ground sensor weather network. Each station includes a secure element that provides cryptographic proofs of the data collected, and data is stored on the Filecoin decentralized storage network, where it can be queried and processed to create hyper-local weather forecasts, as well as web3-native use cases such as onchain prediction markets and parametric weather insurance products.
Participants who operate the special low-cost, low-maintenance stations, are given ERC20 $WXM tokens as rewards, which are the WeatherXM Network Association native governance, utility, tokens. Starting Thursday, May 30, $WXMwill be tradable on Gate.io, MEXC.com, BitMart.com, Uniswap v3 and SwissBorg.com will follow. On the same day, station owners will be able to start collecting daily rewards and accumulated beta rewards on the Arbitrum mainnet.
In 2 years, WeatherXM deployed more than 5,000 stations in more than 80 countries.
FinSMEs
22/05/2024