Climate intelligence company Tomorrow.io aims big
In announcing Tuesday that it's going public via a special purpose acquisition vehicle (SPAC), climate intelligence company Tomorrow.io signaled its intent to become a top provider of weather and climate risk information in an increasingly risky world.
The big picture: The extreme weather and climate risk services space is getting more crowded. Boston-based Tomorrow.io offers a wider array of services than most of its fellow upstarts and now competes with bigger companies like IBM and Verisk Analytics.
- During the next few years, the firm plans to launch a fleet of radar-bearing satellites to monitor weather systems worldwide, feeding data into its computer models.
What they're saying: Shimon Elkabetz, Tomorrow.io co-founder and CEO, told Axios in an email that while there are many players seeking to do similar things, the company's business model is more comprehensive than its competitors.
Yes, but: Tomorrow.io has expanded unusually rapidly for a weather and climate risk firm, and is set to go public at a time of growing investor skepticism in some SPAC deals.
- It remains to be seen whether it can secure the funding needed to pull off everything it has set out to do, from a phone-based weather app to the satellite constellation.
Go deeper: Flood of money pours into climate tech