TLDR:
- Rainmaker, a cloud seeding startup, raised $6.3 million in funding.
- Cloud seeding is a weather modification technique to induce precipitation.
Full Article:
Rainmaker, a startup founded by Augustus Doricko, has raised $6.3 million in funding for its cloud seeding technology. Cloud seeding is a weather modification technique that aims to introduce ice nuclei to clouds, promoting precipitation. Despite the initial skepticism towards the idea, Rainmaker has secured funding from investors including Long Journey Ventures, Day One Ventures, and Champion Hill Ventures, among others. Doricko, who identifies as a Christian, embarked on this venture after exploring various faiths in his youth.
The concept of cloud seeding is not new, as it dates back to 1946 when it was invented in Schenectady, N.Y. by a group of scientists that included Bernard Vonnegut, the brother of novelist Kurt Vonnegut. The U.S. government’s Project Stormfury from 1962 to 1983 also utilized cloud seeding to weaken cyclones by dispersing silver iodide into them. Despite the historical precedence, the quantification of the impact of cloud seeding has been a challenge due to the complexities of cloud dynamics.
Doricko acknowledges the perceived audacity of modifying weather but asserts that it is akin to other environmental modifications like dams. The company is currently in the development phase and is yet to achieve successful cloud seeding to induce rain. However, Doricko remains optimistic about the potential of their technology, especially considering the recent international interest in cloud seeding, highlighted by incidents in Dubai and China.
In the realm of venture deals, OverT Bio, a cellular therapy developer, raised $16 million, while Neurable, a brain-computer interface technology company, secured $13 million in funding. Additionally, EQT agreed to privatize Perficient for $3 billion in cash, and Clearlake Capital Group and Francisco Partners entered into a $2.1 billion deal to acquire Synopsys’ software integrity group. Private equity activities also included acquisitions like HALO Dream’s purchase of BreathableBaby and Ironmark’s acquisition of Deliver Media and L & D Mail Masters.
