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| | location_city = San Francisco, CA | | location_city = San Francisco, CA | ||
| | location_country = USA | | location_country = USA | ||
| | industry = ] | | industry = ] | ||
| | key_people = {{ubl|David Friedberg: CEO & Founder |Mike Stern: COO|Kevin Vosen: Chief Legal Officer| Brian Branca: CFO | David Fischhoff : Chief Scientist |Alex Kleeman : Mathematical Climatologist}} | |||
| | key_people = {{ubl|Mike Stern: CEO}} | |||
| | homepage = {{url|climate.com}} | | homepage = {{url|climate.com}} | ||
| }} | }} | ||
| '''The Climate Corporation''' is |
'''The Climate Corporation''' is a ]-based company that examines ] data to provide ] to ] who can lock in profits even in the case of ], heavy ]<nowiki/>s or other ] conditions.<ref>{{cite news |url= http://www.geekwire.com/2012/climate-corp-picks-seattle-office-citing-proximity-amazon-web-services |title= The Climate Corp. picks Seattle for branch office, looks to cultivate talent to crunch weather data |last=Cook |date=2012-01-10 |accessdate=2012-01-15 |publisher=Geek Wire”}}</ref> | ||
| ==History== | ==History== | ||
| The company was founded as WeatherBill in 2006 by two former ] employees, David Friedberg and Siraj Khaliq. | The company was founded as WeatherBill in 2006 by two former ] employees, David Friedberg and Siraj Khaliq. The first hires were Alex Michalka (Statistics/Modeling) and Greg Pelly (Engineering). | ||
| The company began as a startup focused on helping people and businesses manage and adapt to climate change, by providing ] to ]<nowiki/>s, large event venues, and farmers. In 2010 it decided to focus exclusively on agriculture, and launched the Total Weather Insurance Product in fall 2010 for ] and ]<nowiki/>s.<ref>{{cite news|url= http://techcrunch.com/2007/10/17/an-interesting-bet-weatherbill-takes-125-million-series-b/ | The company began as a startup focused on helping people and businesses manage and adapt to climate change, by providing ] to ]<nowiki/>s, large event venues, and farmers. In 2010 it decided to focus exclusively on agriculture, and launched the Total Weather Insurance Product in fall 2010 for ] and ]<nowiki/>s.<ref>{{cite news|url= http://techcrunch.com/2007/10/17/an-interesting-bet-weatherbill-takes-125-million-series-b/ | ||
| |title= Weather Derivatives Provider WeatherBill Takes $12.5 Million More|first=Nicholas|last=Deleon|date=2007-10-17|accessdate=2014-10-14|publisher=Tech Crunch}}</ref><ref>{{cite news|url= http://westernfarmpress.com/management/full-season-weather-insurance-agriculture-launches |title= Full-season weather insurance for agriculture launches|first=Staff|last=Deleon|date=2010-11-16|accessdate=2014-10-14|publisher=Western Farm Press}}</ref> | |title= Weather Derivatives Provider WeatherBill Takes $12.5 Million More|first=Nicholas|last=Deleon|date=2007-10-17|accessdate=2014-10-14|publisher=Tech Crunch}}</ref><ref>{{cite news|url= http://westernfarmpress.com/management/full-season-weather-insurance-agriculture-launches |title= Full-season weather insurance for agriculture launches|first=Staff|last=Deleon|date=2010-11-16|accessdate=2014-10-14|publisher=Western Farm Press}}</ref> | ||
| On October 11, 2011, the company changed its name from WeatherBill to The Climate Corporation <ref>{{cite news|url= http://farmindustrynews.com/business/weatherbill-changes-name-climate-corporation |title=WeatherBill changes name to The Climate Corporation|first=Karen|last=McMahon|date=2011-10-12|accessdate=2014-10-14|publisher=Farm Industry News}}</ref> | On October 11, 2011, the company changed its name from WeatherBill to The Climate Corporation and announced that former U.S. Senator ] had joined its Board of Directors.<ref>{{cite news|url= http://bits.blogs.nytimes.com/2011/10/11/big-data-in-the-dirt-and-the-cloud/ |title= Big Data in the Dirt (and the Cloud)|first=Quentin|last=Hardy|date=2011-10-11|accessdate=2011-12-15|publisher=New York Times Blog “Bits”}}</ref><ref>{{cite news|url= http://farmindustrynews.com/business/weatherbill-changes-name-climate-corporation |title=WeatherBill changes name to The Climate Corporation|first=Karen|last=McMahon|date=2011-10-12|accessdate=2014-10-14|publisher=Farm Industry News}}</ref> | ||
| In June 2013 the ]'s Risk Management Agency authorized the Climate Corporation to administer federal crop insurance policies for the 2014 crop year.<ref>{{cite news|url= http://online.wsj.com/article/PR-CO-20130628-909902.html |title=The Climate Corporation Approved to Provide Federal Crop Insurance for the 2014 Crop Year |author=Staff |date=2013-06-28| accessdate=2014-10-14|publisher=Wall Street Journal}}</ref> | In June 2013 the ]'s Risk Management Agency authorized the Climate Corporation to administer federal crop insurance policies for the 2014 crop year.<ref>{{cite news|url= http://online.wsj.com/article/PR-CO-20130628-909902.html |title=The Climate Corporation Approved to Provide Federal Crop Insurance for the 2014 Crop Year |author=Staff |date=2013-06-28| accessdate=2014-10-14|publisher=Wall Street Journal}}</ref> | ||
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| In February 2014 the company announced it merged with Monsanto’s Integrated Farming System and Precision Planting divisions.<ref>{{cite news|url= https://info.climate.com/012114PressRelease.html |title=The Climate Corporation Begins Unified Offering For Growers |author=The Climate Corporation |date=2014-01-21| accessdate=2014-10-14|publisher=The Climate Corporation}}</ref> In February 2014 the company also acquired Solum, a ]<nowiki/>ing company based in ], ].<ref>{{cite news|url= http://news.monsanto.com/press-release/corporate/climate-corporation-announces-acquisition-soil-analysis-business-line-solum- |title=The Climate Corporation Announces Acquisition of Soil Analysis Business Line of Solum, Inc |author=The Climate Corporation |date=2014-02-20| accessdate=2014-10-14|publisher=Monsanto}}</ref> | In February 2014 the company announced it merged with Monsanto’s Integrated Farming System and Precision Planting divisions.<ref>{{cite news|url= https://info.climate.com/012114PressRelease.html |title=The Climate Corporation Begins Unified Offering For Growers |author=The Climate Corporation |date=2014-01-21| accessdate=2014-10-14|publisher=The Climate Corporation}}</ref> In February 2014 the company also acquired Solum, a ]<nowiki/>ing company based in ], ].<ref>{{cite news|url= http://news.monsanto.com/press-release/corporate/climate-corporation-announces-acquisition-soil-analysis-business-line-solum- |title=The Climate Corporation Announces Acquisition of Soil Analysis Business Line of Solum, Inc |author=The Climate Corporation |date=2014-02-20| accessdate=2014-10-14|publisher=Monsanto}}</ref> | ||
| ==Investors and underwriters== | |||
| In December 2014 the company acquired 640 Labs, an agricultural technology startup based in Chicago. <ref>{{cite news|url= http://www.chicagotribune.com/bluesky/originals/chi-640-labs-acquired-climate-corporation-bsi-story.html |title=640 Labs farm-data startup acquired by Climate Corp. |author=Meg Graham |date=2014-12-09 |publisher=The Chicago Tribune}}</ref> | |||
| On February 28, 2011, The Climate Corporation announced a $42 million ] funding with new investors ] and ] joining ], ], ], ], ], and Code Advisors in the financing round. The capital was reportedly used to fund the company’s product and sales expansion in the United States and internationally.<ref>{{cite news |url= http://blogs.wsj.com/venturecapital/2011/02/28/google-ventures-khosla-make-rain-for-weatherbill/ |title= Google Ventures, Khosla Make Rain For WeatherBill|first=Deborah |last=Gage |date=2011-02-28 |accessdate=2011-12-16 |publisher=Wall Street Journal Blog “Venture Capital Dispatch”}}</ref> | |||
| An additional $50 million of ] funding was announced on the company's web site on June 14, 2012.<ref>{{cite news |url= http://www.climate.com/company/press/press-releases/2012/series-c-funding-announcement/ |title= The Climate Corporation Raises $50 Million in Financing Round Led by Founders Fund|date=2012-06-14 |accessdate=2013-11-23 }}</ref> | |||
| In July 2015 the company sold its crop insurance business to Amtrust Financial Services Inc. enabling The Climate Corporation to focus exclusively on its digital agriculture platform. Details of the agreement were not disclosed. <ref>{{cite news|url=http://www.bizjournals.com/stlouis/morning_call/2015/08/monsantos-climate-corp-sells-insurance-business.html |title=Monsanto's Climate Corp. sells insurance business | |||
| |author=Jacob Kirn |date=2015-08-03 |publisher=St. Louis Business Journal}}</ref> | |||
| ==Products== | |||
| In September 2015 the company re-branded its Climate Basic and Climate Pro products into a new integrated platform; Climate FieldView. <ref>{{cite news |url= https://www.climate.com/company/press-releases/transform-data-into-value-with-climate-fieldview/ |title= The Climate Corporation Transforms Data Into Value With New Climate Fieldview™ Integrated Digital Ag Platform |date=2015-09-02 }}</ref> | |||
| The Climate Corporation combines ],<ref>{{cite news|url= http://bits.blogs.nytimes.com/2011/10/11/big-data-in-the-dirt-and-the-cloud/ |title= Big Data in the Dirt (and the Cloud)|first=Quentin|last=Hardy|date=2011-10-11|accessdate=2011-12-15|publisher=New York Times Blog “Bits”}}</ref> ] and ] to protect the $3 trillion global agriculture industry from increasingly ] with fully automated ] products.<ref></ref> | |||
| The company’s Total Weather Insurance (TWI) product addresses farmers' exposure to financial loss even when they fully utilize ]. TWI protects farmers against weather events that cause production shortfalls, before ] (MPCI) kicks in. Unlike MPCI, which requires verification and inspection prior to payment for damages, The Climate Corporation automatically sends payment when specified weather conditions occur, as measured by independent sources such as the ].<ref>{{cite news|url= http://cornandsoybeandigest.com/weatherbill-changes-company-name-climate-corporation-appoints-former-us-senator-byron-dorgan-board-d|title= WeatherBill Changes Company Name to The Climate Corporation; Appoints Former U.S. Senator Byron Dorgan to Board of Directors|first=|last=|date=2011-10-10|accessdate=2011-12-15|publisher=Corn&SoybeanDigest}}</ref> | |||
| In November 2015 the company signed a definitive agreement with ] to acquire ] LLC. The agreement is still pending approval. <ref>{{cite news |url= http://www.agriculture.com/news/business/john-deere-to-acquire-precision-plting_5-ar50937 |title= JOHN DEERE TO ACQUIRE PRECISION PLANTING; CLIMATE CORP. TO CONNECT TO DEERE EQUIPMENT |date=2015-11-03 |author=Laurie Bedord |publisher=Successful Farming }}</ref> | |||
| In March 2016, the company announced multiple data connectivity agreements with several agronomic retailers and retailer software systems through the use of ]s. <ref>{{cite news|url=http://news.monsanto.com/press-release/climate/climate-corporation-announces-multiple-data-connectivity-agreements-making-cli |title=The Climate Corporation Announces Multiple Data Connectivity Agreements, Making the Climate FieldView™ Platform the Most Broadly Connected in the Industry |date=2016-03-04 |publisher=]}}</ref> | |||
| ==Climate FieldView== | |||
| Formerly Climate Basic and Climate Pro, the Climate Corporation re-branded its product to Climate FieldView, making the announcement at the 2015 Farm Progress Show. The Climate FieldView Platform uses data science based on historical crop, field and weather data to provide farmers insights and data of their fields. | |||
| ==Climate FieldView Pro== | |||
| Nitrogen Advisor: Provides farmers a look into nitrogen levels in soil based on historical weather data helping them to determine when to make applications. | |||
| Field Health Advisor: Provides farmers satellite images of their fields depicting crop health and vegetation maps. | |||
| Script Creator: Allows farmers to create variable-rate prescriptions before planting. | |||
| ==Climate FieldView Plus== | |||
| Climate FieldView Drive: Bluetooth enabled device that plugs into a tractor or combine and reads machine data during planting and harvest. The data is displayed in real-time to the Climate FieldView Cab app. | |||
| ==Climate FieldView Prime== | |||
| Weather and Scouting: Allows farmers to see a weather forecast up to three hours in advance and the ability to scout potential issues in the field. Farmers can drop a pin on that location on the map to scout the precise location throughout the season. | |||
| All of the company's insurance products are approved in all 50 ]<nowiki/>s and was awarded an "A" rating by ].<ref></ref> | |||
| ==Technology== | |||
| The Climate Corporation’s platform ingests weather measurements from 2.5 million locations and forecasts from major ]<nowiki/>s on a daily basis, and processes that data along with 150 billion soil observations to generate 10 trillion ] data points used in the company's weather insurance pricing and risk analysis systems. The company manages over 50 ]<nowiki/>s of live data at any given time.<ref>{{cite news|url= http://cornandsoybeandigest.com/weatherbill-changes-company-name-climate-corporation-appoints-former-us-senator-byron-dorgan-board-d|title= WeatherBill Changes Company Name to The Climate Corporation; Appoints Former U.S. Senator Byron Dorgan to Board of Directors|first=|last=|date=2011-10-10|accessdate=2011-12-15|publisher=Corn&SoybeanDigest}}</ref> | |||
| ==Further reading== | ==Further reading== | ||
Revision as of 21:53, 7 July 2016
 | |
| Industry | Financial Services |
|---|---|
| Founded | 2006 |
| Fate | acquired by Monsanto (2013) |
| Headquarters | San Francisco, CA, USA |
| Key people |
|
| Website | climate |
The Climate Corporation is a San Francisco-based company that examines weather data to provide insurance to farmers who can lock in profits even in the case of drought, heavy rains or other adverse weather conditions.
History
The company was founded as WeatherBill in 2006 by two former Google employees, David Friedberg and Siraj Khaliq. The first hires were Alex Michalka (Statistics/Modeling) and Greg Pelly (Engineering).
The company began as a startup focused on helping people and businesses manage and adapt to climate change, by providing weather insurance to ski resorts, large event venues, and farmers. In 2010 it decided to focus exclusively on agriculture, and launched the Total Weather Insurance Product in fall 2010 for corn and soybeans.
On October 11, 2011, the company changed its name from WeatherBill to The Climate Corporation and announced that former U.S. Senator Byron Dorgan had joined its Board of Directors.
In June 2013 the U.S. Department of Agriculture's Risk Management Agency authorized the Climate Corporation to administer federal crop insurance policies for the 2014 crop year.
In October, 2013 Monsanto announced that it was acquiring the company for approximately $1.1 billion.
In November 2013 the company launched Climate Basic and Climate Pro, a set of advisory tools for farmers utilizing data science to help farmers make optimal decisions.
In February 2014 the company announced it merged with Monsanto’s Integrated Farming System and Precision Planting divisions. In February 2014 the company also acquired Solum, a soil-testing company based in Ames, Iowa.
Investors and underwriters
On February 28, 2011, The Climate Corporation announced a $42 million Series B funding with new investors Khosla Ventures and Google Ventures joining New Enterprise Associates, Index Ventures, Allen & Company, First Round Capital, Atomico, and Code Advisors in the financing round. The capital was reportedly used to fund the company’s product and sales expansion in the United States and internationally.
An additional $50 million of Series C funding was announced on the company's web site on June 14, 2012.
Products
The Climate Corporation combines big data, climatology and agronomy to protect the $3 trillion global agriculture industry from increasingly extreme weather with fully automated weather insurance products.
The company’s Total Weather Insurance (TWI) product addresses farmers' exposure to financial loss even when they fully utilize federal crop insurance. TWI protects farmers against weather events that cause production shortfalls, before multi-peril crop insurance (MPCI) kicks in. Unlike MPCI, which requires verification and inspection prior to payment for damages, The Climate Corporation automatically sends payment when specified weather conditions occur, as measured by independent sources such as the National Weather Service.
All of the company's insurance products are approved in all 50 U.S. states and was awarded an "A" rating by A.M. Best.
Technology
The Climate Corporation’s platform ingests weather measurements from 2.5 million locations and forecasts from major climate models on a daily basis, and processes that data along with 150 billion soil observations to generate 10 trillion weather simulation data points used in the company's weather insurance pricing and risk analysis systems. The company manages over 50 terabytes of live data at any given time.
Further reading
- “WeatherBill morphs brand to focus on climate”, “Gigaom.com”, October 10, 2011
- “Insuring against extreme weather”, “FutureOfTech.msnbc.msn.com”, October 10, 2011
- “Fill the Gap”, “AgWeb.com”, November 16, 2011
- “Climate Corporation offers precise weather insurance coverage”, “FarmIndustryNews.com”, November 3, 2011
- "Company offers farmers chance to minimize weather risk". AgriNews-Pubs.com. November 14, 2011. Archived from the original on 2012-04-24.
- “Weather Insurance Reinvented: Coverage Fills Cracks in Crop Insurance”, “DTNProgressiveFarmer.com”, November 2, 2011
- “Data Powers New Insurance Product”, “FarmFutures.com”, November 1, 2011
- Specter, Michael. “Climate by Numbers: Can a tech firm help farmers survive global warming?”, “The New Yorker”, November 11, 2013, pp. 38-43
References
- Cook (2012-01-10). "The Climate Corp. picks Seattle for branch office, looks to cultivate talent to crunch weather data". Geek Wire”. Retrieved 2012-01-15.
- Deleon, Nicholas (2007-10-17). "Weather Derivatives Provider WeatherBill Takes $12.5 Million More". Tech Crunch. Retrieved 2014-10-14.
- Deleon, Staff (2010-11-16). "Full-season weather insurance for agriculture launches". Western Farm Press. Retrieved 2014-10-14.
- Hardy, Quentin (2011-10-11). "Big Data in the Dirt (and the Cloud)". New York Times Blog “Bits”. Retrieved 2011-12-15.
- McMahon, Karen (2011-10-12). "WeatherBill changes name to The Climate Corporation". Farm Industry News. Retrieved 2014-10-14.
- Staff (2013-06-28). "The Climate Corporation Approved to Provide Federal Crop Insurance for the 2014 Crop Year". Wall Street Journal. Retrieved 2014-10-14.
- Tsotsis, Alexia (October 2, 2013). "Monsanto Buys Weather Big Data Company Climate Corporation For Around $1.1". TechCrunch. United States.
- Staff (2013-11-11). "The Climate Corp. Launches Climate Basic, Climate Pro For 2014". PrecisionAg.com. Retrieved 2014-10-14.
- The Climate Corporation (2014-01-21). "The Climate Corporation Begins Unified Offering For Growers". The Climate Corporation. Retrieved 2014-10-14.
- The Climate Corporation (2014-02-20). "The Climate Corporation Announces Acquisition of Soil Analysis Business Line of Solum, Inc". Monsanto. Retrieved 2014-10-14.
- Gage, Deborah (2011-02-28). "Google Ventures, Khosla Make Rain For WeatherBill". Wall Street Journal Blog “Venture Capital Dispatch”. Retrieved 2011-12-16.
- "The Climate Corporation Raises $50 Million in Financing Round Led by Founders Fund". 2012-06-14. Retrieved 2013-11-23.
- Hardy, Quentin (2011-10-11). "Big Data in the Dirt (and the Cloud)". New York Times Blog “Bits”. Retrieved 2011-12-15.
- Insuring for Extreme Weather
- "WeatherBill Changes Company Name to The Climate Corporation; Appoints Former U.S. Senator Byron Dorgan to Board of Directors". Corn&SoybeanDigest. 2011-10-10. Retrieved 2011-12-15.
- Financial Strength
- "WeatherBill Changes Company Name to The Climate Corporation; Appoints Former U.S. Senator Byron Dorgan to Board of Directors". Corn&SoybeanDigest. 2011-10-10. Retrieved 2011-12-15.