WeatherXM AG, the weather-focused decentralized physical infrastructure network (DePIN) startup, has successfully raised $7.7 million in a Series A funding round led by Lightspeed Faction.
This round also saw participation from prominent investors including Protocol Labs, Borderless Capital, Arca, Alumni Ventures, Placeholder VC, Red Beard Ventures, Metaplanet, and others. This funding aims to boost WeatherXM’s efforts in developing crypto-enabled hardware and improving its data quality and forecasting algorithms.
Expansion and Development Plans
Manolis Nikiforakis, WeatherXM’s co-founder and CEO, stated that the funds will be used to further develop the company’s crypto-enabled weather station hardware and enhance data accuracy.
The company also plans to onboard third-party manufacturers to expand its network and decentralize operations further. WeatherXM’s weather stations collect environmental data, which is then stored on the decentralized storage blockchain Filecoin, providing hyper-local weather forecasts.
The WeatherXM network incentivizes station operators by rewarding them with the platform’s native ERC-20 token, WXM. These tokens will become tradable on platforms such as Uniswap v3 starting May 30. Users can also earn Arbitrum-based daily rewards and accumulated beta rewards from the same date.
Future Goals and Market Reach
Nikiforakis emphasized the company’s ambition to become the largest weather station network globally by the end of 2025. WeatherXM stations, which measure various environmental parameters, range in price from $400 to $900.
The company has already deployed 5,000 of its 7,000 sold units across 80 countries, demonstrating its market reach and operational capability.
WeatherXM’s successful funding round reflects growing investor confidence in the potential of decentralized infrastructure networks. With ambitious expansion plans and a focus on innovative technology, WeatherXM is poised to make strides in the global weather data market.
Also Read: XRPL Grants Wave 7: Funding 7 Projects, Boosting XRPL Ecosystem
