As a crypto investor with a background in technology and a keen interest in decentralized infrastructure projects, I am thrilled about WeatherXM’s successful Series A funding round. Raising $7.7 million from reputable investors like Lightspeed Faction, Protocol Labs, Borderless Capital, and Arca is a strong validation of the company’s potential to revolutionize weather forecasting using blockchain technology.
The Decentalized Physical Infrastructure Network (DePIN) startup, WeatherXM AG, specializing in weather-related projects, announced the completion of a $7.7 million Series A investment. Lightspeed Faction spearheaded this financing round.
As an analyst, I can share that in this financing round, noteworthy investors such as Protocol Labs, Borderless Capital, Arca, Alumni Ventures, Placeholder VC, Red Beard Ventures, and Metaplanet participated. My role is to contribute insights, so I’d explain that their investment intends to strengthen WeatherXM’s initiatives in creating crypto-integrated hardware and enhancing the data precision and predictive capabilities of its forecasting algorithms.
Wen Mainnet?
Get ready, $WXM is officially going live on May 30th! 🚀We’ve successfully closed Series A, led by Lightspeed @FactionVC, to build the largest weather network.
– Mainnet
– Exchange Listing
– Series A Funding
– Next Big StepsRead more 👇🏼
— WeatherXM (@WeatherXM) May 22, 2024
Expansion and Development Plans
Manolis Nikiforakis, the co-founder and CEO of WeatherXM, announced that the raised funds would be invested in advancing our crypto-powered weather station technology and improving data precision.
The company intends to bring in external manufacturers to broaden its reach and dispersed production even more. WeatherXM gathers environmental information using its weather stations, which subsequently gets deposited on the decentralized Filecoin storage blockchain, resulting in highly accurate local weather predictions.
The WeatherXM network motivates station operators by providing them with the network’s native ERC-20 token, WXM, as compensation. Starting May 30, these tokens will be tradable on platforms like Uniswap v3. Additionally, users can earn daily rewards and accumulated beta rewards in Arbitrum from the same date.
Future Goals and Market Reach
Nikiforakis stressed the goal of WeatherXM to expand its weather station network into the biggest global network by the year 2025’s end. The WeatherXM stations, which gauge diverse environmental factors, come with price tags ranging from $400 to $900.
Approximately 7,000 of the company’s units have been sold so far, with 5,000 of these already in use in over 80 different countries. This illustrates the extent of the company’s market presence and its ability to efficiently operate on a global scale.
The recent financing success of WeatherXM indicates increasing faith among investors in the prospect of decentralized infrastructure networks. With grand growth plans and a commitment to groundbreaking technology, WeatherXM is primed to advance in the international weather data industry.
Read More
Sorry. No data so far.
2024-05-22 23:17