Tel Aviv, Israel, September 3rd, 2013. Israeli startup Meteo-Logic today announced that it has completed its first round of funding with a 3 Million dollar investment from Horizons Ventures.
Meteo-Logic is revolutionizing weather forecasting by introducing big data analysis engine based on superb algorithm that processes data bases of meteorological information with records of actual on-ground historic weather data to provide most accurate on-spot forecasting. The solution is applicable not only for weather prediction but rather for business-critical weather-related parameters in multiple industries, including energy (wind mills, solar panels, power consumption), agriculture, transportation, construction, retail and more.
“According to the bulletin of American Meteorological society, weather variations excluding extreme events and disasters, cost US alone $485 billion a year” said Igal Zivoni, Founder and CEO of Meteo-Logic “Much of these costs could have been saved if there was an effective way to accurately predict weather and weather dependent factors, on spot, on time. Now there is”.
Meteo-Logic has recently launched its Wind Mill Power forecasting solution, providing an online accurate prediction for power production of each single turbine, 5 days in advance. The wind power is a $50B market today and growing fast, its business highly dependent on the ability to provide well-predicted power supply to the energy grid.
“Big data technologies combined with brilliant data analysis algorithms will disrupt many of today’s markets, from Health Care to Finance” said Gilad Novik of Horizons Ventures “Meteo-Logic will introduce that disruption to the massive markets which are dependent on weather “.
About Horizons Ventures
Based in Hong Kong, Horizons Ventures manages the Internet and technology investments of Mr. Li Ka-shing globally, including investments in companies such as Skype, Facebook, Spotify, Siri, Waze, UMPay and SecondMarket.
Meteo-Logic brings smart analysis of big data to weather and weather-dependent business parameters to revolutionize weather forecasting from the grounds up. The capability to forecast automatically and with great accuracy turbines power in wind farms and solar farms or power consumption for pointed locations, can be applied for agriculture, transportation, retails and many more industries.