Dark
Light
Today: June 16, 2024
May 23, 2024
1 min read

WeatherXM secures $77 million funding from Lightspeed Faction


TLDR:

  • Lightspeed Faction leads $7.7 million Series A round for WeatherXM
  • WeatherXM produces weather station hardware that collects environmental data and rewards individuals with cryptocurrency

Article Summary:

Lightspeed Faction has spearheaded a $7.7 million Series A funding for WeatherXM, a startup developing a weather-focused decentralized physical infrastructure network (DePIN). Other key participants in the funding round include Protocol Labs, Borderless Capital, and Alumni Ventures. WeatherXM’s main offering is weather stations that gather environmental data stored on the Filecoin blockchain to generate hyper-local weather forecasts. Operators of these stations are compensated with the platform’s ERC-20 token, WXM. The company plans to launch WXM for trading on Uniswap v3 and other platforms soon.

WeatherXM intends to use the funds to enhance its crypto-enabled hardware, refine data quality and forecast algorithms, onboard external weather station manufacturers to the network, and strengthen its decentralization initiatives. The startup aims to expand its reach exponentially by becoming the largest weather station network globally by the end of 2025. With over 7,000 units sold and 5,000 machines deployed across 80 countries, WeatherXM has set its sights on serving both traditional and new web3 markets.


Previous Story

Bolster Secures $14M Series B to Boost Multi-Channel Threat Protection

Next Story

Peruvian Vegan Startup Raises $320K, Plans Latin American Expansion

Latest from Blog

Paradigm Secures $850m for Third Fund

TLDR: Paradigm has raised $850 million for its third fund. The fund will focus on early-stage crypto projects. Paradigm, a venture capital firm, has successfully raised $850 million for its third fund.
Go toTop