As climate change plays havoc with weather forecasting across the globe, one company’s long-term goal is to save thousands of lives by ensuring early and timely warnings of these severe weather events are reaching people across the globe.
Using artificial intelligence, Rainbow Weather is on a mission to provide meteorological forecasts at this crucial time when severe weather events cause billions of dollars in damages each year.
The planet was plagued by $42 billion worth of weather disasters in 2022 alone, and the all-time total damage wrought by weather disasters sits at $360 billion, with 39% of that total being insured damages, according to insurance broker Gallagher Re in its annual report.
The global Weather Forecasts market was valued at US$ 2.8 billion in 2022 and is projected to reach US$ 4.6 billion by 2029, at a CAGR of 7.3% according to Stats Market Research.
The World Meteorological Organization reports that “just 24 hours’ notice prior to an impending weather hazard can cut the ensuing damage by 30 per cent, calling early warnings the “low-hanging fruit” of climate change adaptation because of their tenfold return on investment. “
That is why investors have announced ploughing almost $2 million of funding into Rainbow Weather, to take on more established apps and forecasters who often fall short of accurate forecasts.
The round has included private investors as well as Venture Capitalist firms Kolos Ventures, Verras Capital and Melnichek Investments. Furthermore, the company which trades as Rainbow Meteo Technologies and is based in Poland, has had further financial backing from the European Bank for Reconstruction and Development.
What sets Rainbow Weather apart is its advanced AI modelling which delivers superior weather predictions based on a wide range of data sources (from satellites and meteorology stations to user reports and shared barometer data), beating the competition in both speed and precision.
According to the company’s internal analysis, Rainbow Weather has already achieved 3.5 percentage points of rain prediction precision over Apple Weather in the US (where Apple has the best coverage) and 9.5 percentage points over AccuWeather worldwide. Precision was calculated based on the share of rain accurately predicted within a 30-minute forecast window. To put these numbers into perspective, that means for every million weather app users, 35,000 to 95,000 more people will get correctly notified about an upcoming shower if they opt for Rainbow Weather.
Rainbow Weather CEO Alexander Matveenko shares the story of how the company was born: “I was swimming in Sri Lanka when suddenly it began to rain quite heavily. The downpour started to overwhelm me, and I wasn’t sure I was going to make it to the shore. This experience made me realise how critical timely weather warnings can be. My co-founder Yuri Melnichek had a story of his own. He almost had his passport destroyed while on a hike when all weather apps failed to predict a sudden rain. After discussing both of these incidents we decided to create a new weather forecast tech based on machine learning algorithms that would be able to better predict highly variable local weather events.”
Their first product on the market is the mobile app for iOS and Android which provides super-accurate hyperlocal forecasts notifying users about upcoming rain and snowfalls, storms and hurricanes and their movements on the map. The app is picking up steam with half a million downloads and great reviews from both users and the press.
However, the most stellar review comes from Tatsiana Khakhelka, Associate for SME Finance & Development at the European Bank for Reconstruction and Development:
“The EBRD’s Star Venture programme targets promising start-ups to unleash their full potential. The EBRD supports them with world-class business advice and access to finance to strengthen their performance and accelerate their life cycle. Star Venture assigns the start-ups advisory projects tailored to their specific competencies and needs. Across 23 countries, Star Venture has nurtured 550+ early-stage companies, spanning diverse regions from Eastern Europe to the Western Balkans.
One of these rising stars is Rainbow Meteo Technologies. After a rigorous selection process, this start-up company was shortlisted as a finalist in the EBRD’s Star Venture programme, and the Bank continues to provide advisory support. I am personally inspired by Rainbow’s product and the team’s professionalism and look forward to their future endeavours.”
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