CLIMATE TECHNOLOGY COMPANY SENSIBLE WEATHER LAUNCHES WITH $10M FINANCING
LOS ANGELES, December 13, 2021 /PRNewswire/ — Reasonable weather, a weather risk technology company, today announced $4 million in seed funding led by Wonder Ventures and Walkabout Ventures. This new investment, combined with a National Science Foundation research and development grant and significant new leverage to support underwriting, brings the company’s total funding to approximately $10 million. Sensible’s first product offering, a partner-branded weather warranty service, automatically reimburses travelers when bad weather affects their travel experience.
This new capital will allow Sensible to continue to strengthen its team of engineers and scientists, increase investments in its proprietary climate data and risk analysis platform, and accelerate the expansion of its offerings. Weather Guarantee in new travel sectors. Other tour participants include Group 1001, by Spencer Rascoff 75 & Sunny Ventures, Raj Gokal of Solana Laboratories, Spike Lipkin & Gordon Wintrob of Newfront Insurance and Kiran Bhatraju of Arcadia Energy.
Sensible’s Weather Guarantee service is powered by its proprietary Climate Risk platform, a high-performance data, analytics and risk assessment engine. The platform’s architecture allows Sensible to issue same-day refunds in the event of rain and will soon allow partners to offer their consumers protection against additional weather events such as snow, wind and weather conditions. the air. The platform’s bespoke parametric policy management system ensures that weather guarantees are proactively identified and programmatically executed on an hourly basis – in most cases before adverse weather events occur.
“As climate increasingly impacts vacations, in-destination experiences and outdoor events, Sensible’s Weather Guarantee service provides consumers with reassurance when booking online, as travelers can now recover their experience losses when bad weather interferes with their plans,” said Nick Cavanaugh, Ph.D., founder and CEO of Sensible Weather. “Our integrated fintech service helps customer-centric travel brands increase conversion rates and ancillary revenue, while reducing last-minute cancellations and improving their customer experience.”
Consumers purchase Weather Guarantee protection when they book travel reservations and event tickets from Sensible’s growing list of experiential brand partners. Sensible’s proprietary weather risk platform calculates weather guarantee prices in real time, driving new revenue for partners and improved experiences for travelers. If a weather event such as rain is forecast during an outdoor experience, Sensible automatically sends a link by SMS to the customer to easily collect their reimbursement on the morning of their experience. Warranty payments are processed immediately, with payments based on the number of hours the experience is negatively affected by weather conditions. For example, three hours of rain on any day of a covered stay results in automatic payment of 100% of the average daily rate for the hotel reservation.
Sensible Weather was founded in 2019 by Nick Cavanaugh, Ph.D., climatologist and fintech entrepreneur with a successful track record in predicting price fluctuations in weather-impacted markets as a hedge fund quant. The company is currently in line with its travel-focused weather guarantees and plans to roll out consumer-focused climate finance products in other industries soon.
About reasonable weather
Sensible Weather is a weather risk technology company that reduces weather risk for travelers and travel partners. Founded in 2019 by a climatologist Nick Cavanaugh, Ph.D., Sensible is backed by a national science foundation grant and $10M in total funding. For more information, please visit: https://www.sensibleweather.com/.
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