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Funding
Understory raises USD 15 million in Series A funding
Climate Risk Analytics
Jun 7, 2024
This week:
Funding
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Beyond Meat releases new Beyond Sausage, expanding its Beyond IV product line
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Product updates
Funding
SurrealDB raises USD 20 million in Series A; launches beta version of Surreal Cloud
Data Infrastructure & Analytics
Jun 20, 2024
Climate Risk Analytics

Climate Risk Analytics

Jun 7, 2024

Understory raises USD 15 million in Series A funding

Funding

  • 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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