San Francisco-Based Climate Corp. Raises $50 Million in Third Round

San Francisco -- The Climate Corp., the San Francisco-based developer of a platform that enables the real-time pricing and purchasing of customizable weather insurance, said on Thursday it has raised $50 million in its third round of funding, led by new investor Founders Fund. Khosla Ventures, Google Ventures, NEA, Index Ventures, Atomico, Glynn Capital and Western Technology Investment also participated. The company plans to use a portion of the funding to hire more than 50 quantitative researchers, data scientists and software engineers. The Climate Corp.'s technology is designed to measure the weather at a hyper-local level, then pay farmers when bad weather occurs, based on a proprietary understanding of the exact impact local weather events will have on a farmer's profits. The company also raised $42 million in Feb. 2011, and has landed $110 million, overall.
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http://www.climate.com/company/press/press-releases/2012/series-c-funding-announcement