Global Weather closes $1M funding round
Last Updated: 16:28 May 28, 2014
Global Weather creates software packages that access a variety of weather models, statistical data and observation to produce weather forecasts.
The forecasts are sold to businesses for use in internal applications, websites and mobile applications. GWC's forecasts are delivered on-demand through web services for any location in the world.
Global Weather's chief executive Mark Flolid said the company, which has focused primarily on wind forecasting for the energy sector, will use the recent investment to develop precipitation forecasts and real-time road conditions related to weather.
Flolid said the company wants to create a system that can be "hyper local" forecasting when rain will start, stop and how much of it will fall in a certain time period.
He said accurate information on real-time road conditions created by weather is critical to the transportation industry, especially long-haul trucking.
Flolid said the company will be adding about four employees in the near term, bring the firm's staff to about 14 full-time workers.
The core forecast model was developed over the last decade at the National Center for Atmospheric Research in Boulder and is among the most widely validated weather technologies in the world.
Global Weather was founded as an NCAR technology transfer company by the Boulder-based University Corporation for Atmospheric Research Foundation in 2009 and is privately held.
The company's wind forecasts help utilities make decisions about when to use less power from existing power plants when incorporating wind energy into the power generation mix. Xcel Energy Inc. (NYSE: XEL) paid about $5 million to help develop the service in connection with NCAR, and last year said the system has saved the utility an estimated $17 million in energy costs by using Global Weather's WindWX energy-forecast service.
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