Skymet, India’s leading weather forecasting and agriculture risk solutions company has raised INR 12 Crores Debt fund from Northern Arc and Caspian Impact Investments, one of the leading venture debt investment funds Skymet raised the funds to bolster its ground observation systems and accurate prediction of floods and cyclones in East India.
According to Allied Market Research, the need for more accurate prediction has unleashed a wider domain for the global weather forecasting and services market to grow from $1.2 billion in 2016 to $2.7 billion by 2023. The recent investment by these two firms in Skymet boosts investors’ confidence in the weather and agricultural sector during these troubled times of the pandemic.
Skymet provides weather data services to numerous media houses and also works extensively in the farmers network by offering tech-enabled weather solutions to decrease their risk and in turn increasing their productivity. The company is increasing its focus on using the weather forecasting data for farming and is rapidly collaborating with different organizations to supply their needs for weather data so that it can be used for precision farming. The size of the weather forecasting industry in India is pegged to be around $100 Mn and has a lot of scope and opportunities which haven’t been exploited yet.
Yogesh , CEO, Skymet Weather, added, “We are continuously scaling our network and improving our capabilities to help streamline ground observation networks in these trying times and continuously providing our services to various organizations. The amount raised will help a lot in setting up more ground observation units is eastern India which is very much prone to natural calamities like floods, cyclones etc which in turn would help our country to mitigate the risks and provide accurate data to farmers in those areas. We are happy to grow our relationship with Northern Arc and Capian Impact Investments in this journey” .
Skymet has about 6,500 observation centres that provide real-time data on rainfall, thunder, lightning, and heat. The company aims to increase the size of the network and bring BFSI under insurance, lending as well as weather forecast and Management.
About Skymet Weather
Skymet is India’s largest private sector AgTech company that uses the power of AI/ML, remote sensing, statistical data modelling, and weather prediction modelling to assist farmers, insurance firms and banking sector in decreasing risks and enhancing the business.
Skymet has launched a digital platform skAIgeo which paves the way for farmers to enhance crop yield and decrease crop risks. skAIgeo formulated a predictive and prescriptive business intelligence solution for the banking sector that leverages Agri-alternate data for effective credit risk assessment and loan recovery. skAIgeo helps the insurance sector to customise policies or programs after evaluation of crop risk assessment using different indices.