Weather XM, a community-powered weather network, has raised a $7.7 million Series A round led by Lightspeed Faction.
Other investors in the round include Protocol Labs, Borderless Capital, Arca, Alumni Ventures, Placeholder VC, Red Beard Ventures, Metaplanet, GS Futures, Consensys Mesh, Westerly Ventures, dlab, Eleftherios Diakomichalis and Juan Benet.
WeatherXM sells small weather stations that individuals can deploy in traditionally inaccessible areas to gather hyper-local weather information.
The company is utilizing the power of the decentralized physical infrastructure network (DePin) movement that uses Web3 to build and maintain infrastructure in the physical world.
Historically, weather data collection has fallen on the shoulders of governments and large institutions that spend billions of dollars per year collecting weather data. This data, though, is inefficient, resulting in less accurate weather forecasts.
With WeatherXM, users can purchase weather stations starting at $400 to deploy to collect weather measurements. They are then compensated for their contribution to the WeatherXM network with token rewards in the form of WXM.
On May 30, WXM will be tradeable on Uniswap v3 and other platforms. On the same day, weather station owners will be able to begin collecting daily beta rewards on the Arbitrum mainnet.
The company plans to use this current investment round to expand the team and network and continue R&D on its existing hardware.
The investment follows a $5 million seed round in June 2022. Over that time, WeatherXM has deployed more than 5,000 stations in more than 80 countries.
