Weather technology startup Ninecosmos raised RMB 50 million (USD 7.7 million) in a Series A financing round led by Envision Capital. The funds will be put towards optimizing the startup’s weather forecasting platform and developing commercial meteorological services in four main business areas—atmospheric and environmental monitoring, maritime freight, financial and insurance services, and clean energy.
Founded in 2018, Ninecosmos has experienced major growth in its maritime shipping and clean energy business segments, in part due to its alignment with policy objectives. China’s Belt and Road Initiative has bolstered demand for domestic shipping, and weather services are an integral function for shipping fleets. Ninecosmos can use its forecasting platform to estimate energy yields from sources like solar and wind power, linking up with China’s pursuit of carbon neutrality by 2060. As a result, the company expects revenue to double in 2021 from more than RMB 20 million (RMB 3.1 million) in 2020.
Air quality and pollution tracking is another major feature of Ninecosmos’ platform. Its simulation engine can predict air quality with 90% accuracy, and trace pollutant sources to within 200 m. Ninecosmos’ proprietary forecasting platform uses AI to perform meteorological analysis, and can be customized for its balanced mix of clients in public and private sectors.
The current market for weather services in maritime freight is dominated by Japanese firm Weathernews and Norway’s StormGeo, which charge between USD 3,000 and USD 3,500 for 15 days of access. Going forward, Ninecosmos believes there will be room for new players in the global shipping services sector, which has an annual value of around USD 10 billion, according to the company.
KrASIA Connection features translated and adapted content published by 36Kr. This article was originally written by Liu Nianhua for 36Kr.