Understory, the weather network and analytics company, today announced that it has secured $7.5 million in additional funding led by 4490 Ventures. A new investor in the current round is Revolution’s Rise of the Rest Seed Fund, the DC-based investment firm founded by former CEO of AOL, Steve Case. Funds will be leveraged to expand Understory’s presence in the international agriculture market.
“Understory is powering innovation in weather data infrastructure with its sensor networks and on-the-ground insights,” said Steve Case, Chairman and CEO of Revolution. Revolution’s Rise of the Rest Seed Fund invests in high-growth companies that, like Understory, are scaling outside of the coastal tech hubs. “We look forward to seeing how Understory continues to leverage regional expertise and talent to redefine real-time weather information for insurance, agriculture, academics, utility companies, and more,” Case added.
The injection of venture capital comes on the heels of Understory’s recent expansion into South America in partnership with Bayer (through the former Monsanto), being named as one of Forbes’ 25 Most Innovative AgTech Startups in 2018, and their co-founder and VP of Engineering being named as one of Forbes’ 30 Under 30 within Manufacturing.
“Understory represents innovation at its finest,” said Greg Robinson, managing director at 4490 Ventures. “The technology developed by Understory has real potential to redefine multi-billion dollar markets while empowering environmental efficiencies that impact our global food supply. That’s a winning combination we are proud to be investing in over the long-term.” Read the full story here.