PlanetiQ announced it has raised $18.7 million in its Series B round of financing to boost its high-definition satellite-based weather forecasting and data mining business.
A variety of investors contributed to this round, including New Science Ventures and AV8 Ventures which co-led the round. New investors include Valo Ventures, Kodem Growth Partners, Service Provider Capital, Earth Investments, Moonshots Capital, Virginia Tech Innovation Fund, Access Venture Partners and Hemisphere Ventures.
As part of the funding arrangement, Vivek Mohindra, partner of New Science Ventures, and AV8 Ventures managing director, George Ugras, will join PlanetiQ’s board of directors.
So far, PlanetiQ’s total funding is $23.9 million.
PlanetiQ plans to use the new funding to accelerate the launch of its 18 unit fleet of high-definition radio occulation satellites which will help provide earlier, faster and cheaper weather forecasting than current satellites. It hopes to compete this project in 2020.