Skymet raises funds from InsuResilience

MUMBAI: Weather monitoring and agri-risk solutions provider Skymet Weather Services has raised a Series C funding round from Germany’s InsuResilience Investment Fund by selling 26.8% stake, the company said on Monday. The company did not disclose the size of the deal.

EY acted as the exclusive financial advisor to Skymet for the transaction.

InsuResilience Investment Fund, formerly known as Climate Insurance Fund, is backed by KfW, a German governmentowned development bank.

The transaction saw two of Skymet’s existing investors Omnivore Capital and UK-based DMGT sell a part of their stake. Omnivore is an impact venture fund backed by the Godrej Group and invests in startups from India developing breakthrough technologies for food, agriculture and the rural economy.

DMGT manages a multinational portfolio of companies, with total revenues of almost £1.5 billion and has invested close to ₹25 crore in Skymet in 2014.

Omnivore Partners, which invested ₹4.5 crore in a Series A round of funding for a 33% stake in the company in August 2011, also participated in this round.

Skymet has one of India’s largest network of automatic weather stations (AWS) (currently 6,000 AWS units) and provides a lightning detection network, which allows users to track thunderstorms in real time.