WeatherXM AG, a core contributor to the WeatherXM Network and a leading decentralized physical infrastructure network (DePIN), announced the successful closing of a $7.7 million USD Series A funding round.
The round was led by Lightspeed Faction, with additional participation from Protocol Labs, Borderless Capital, Arca, Alumni Ventures, Placeholder VC, Red Beard Ventures, Metaplanet, GS Futures, Consensys Mesh, Westerly Ventures, dlab, Eleftherios Diakomichalis, and Juan Benet.
The company plans to use the investment to expand its team, grow the network, and continue research and development in crypto-enabled weather hardware and decentralized infrastructure.
Manolis Nikiforakis, CEO and Co-Founder of WeatherXM said, "This round kicks off our growth stage. Over the last two years, we proved our ability to manufacture and deploy thousands of stations globally at a fraction of the typical cost. Now it's time to grow 10x: We aim to be the largest weather station network in the world by the end of 2025, serving both traditional and new web3 markets."
The creators of WeatherXM say decentralization is inherent to the project. Allowing individuals to deploy their own stations in a given location, it creates a “by the people for the people” – type approach to weather data collection, rather than a major centralized enterprise.
“The more dispersed the decentralized weather community is, the better it is for the general accuracy of weather data collection and for providing data on locations with little to no known data.”
This investment follows an initial $5 million seed round from investors including Placeholder VC, Metaplanet, Consensys Mesh, SOSV, Protocol Labs, Borderless Capital, DLTx, and several prominent angel investors, including Juan Benet (Filecoin), Maxwell Krohn, Dimitris Togias, and Ele Diakomichalis (Radicle). In just two years, WeatherXM has deployed more than 5,000 stations in over 80 countries, surpassing the efforts of many government-funded agencies.
WeatherXM, a Greek-founded company, is poised to become the largest decentralized weather network in the world, thanks to this significant $7.7 million Series A funding round.
Starting Thursday, May 30, $WXM will be tradable on Gate.io, MEXC.com, BitMart.com, Uniswap v3 and SwissBorg.com will follow. On the same day, station owners will be able to start collecting daily rewards and accumulated beta rewards on the Arbitrum mainnet.
