A $7.7 million Series A fundraising round was secured by WeatherXM AG, a Zug, Switzerland-based supplier of a decentralized physical infrastructure network (DePIN) for the WeatherXM Network.
Investors
- Lightspeed
- Protocol Labs
- Borderless Capital
- Arca
- Alumni Ventures
- Placeholder VC
- Red Beard Ventures
- Metaplanet
- GS Futures
- Consensys Mesh
- Westerly Ventures
- dlab
- Eleftherios Diakomichalis
- Juan Benet
Use of funds
The firm plans to utilize the money to expand its network and workforce as well as to carry out further research and development on decentralized infrastructure and meteorological gear that is enabled by cryptocurrency.
The WeatherXM Network Association’s native governance and utility tokens, known as ERC20 $WXM tokens, are awarded to participants that run the unique low-cost, low-maintenance stations. On Thursday, May 30, $WXM will be live on Gate.io; more markets to follow include BitMart.com, Uniswap v3, MEXC.com, and SwissBorg.com. On the Arbitrum mainnet, station owners will be able to begin receiving beta awards and daily incentives on the same day.
About WeatherXM
WeatherXM was founded in 2022 and manufactures a range of hardware weather station devices that operate together to create a ground sensor weather network by gathering local environmental data. Data is stored on the Filecoin decentralized storage network, where it can be processed and queried to produce hyper-local weather forecasts and web3-native use cases like parametric weather insurance products and onchain prediction markets. Each station has a secure element that offers cryptographic proofs of the data collected.
WeatherXM has up more than 5,000 stations in more than 80 countries in only two years.
