Understory, a parametric insurance provider, has raised USD 15 million in a Series A funding round co-led by True Ventures and Prelude Ventures. This brings the company's total funding to USD 72.8 million.
The funds will be used to launch Understory’s new product offering, which is focused on the renewable energy sector. The company claims that its proprietary risk mitigation technology helps solar farms, for example, save 50% on hail repair costs by leveraging purchasing power at scale.
The company's models predict weather events 45 minutes in advance, giving solar farm operators time to stow or move panels that deflect hail by changing the angle of impact.
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