Earth Science News  





.
DISASTER MANAGEMENT
Google backs weather insurance startup

by Staff Writers
San Francisco (AFP) Feb 28, 2011
Google on Monday was among investors pumping $42 million into a climate change inspired technology startup that calculates the chances of crops being ruined by weather.

WeatherBill launched Total Weather Insurance in 2010 as a way for US farmers to protect themselves against being devastated by weather, which the US Department of Agriculture blamed for 90 percent of crop losses last year.

"The flip flop of weather from one year to the next is the biggest challenge farmers face," said Steve Wolters, a farmer who grows corn, soybean and wheat in the US state of Ohio.

"It makes sense to me to take advantage of WeatherBill's automated weather insurance programs that pinpoint the weather conditions expected to affect my land and pay me if they happen."

WeatherBill continuously aggregates weather data and runs large-scale weather simulations on its computers.

The automated system lets farmers or others customize insurance policies to the amount of rain or seasonal temperatures they need for fields to flourish. Policies are paid out if the weather doesn't measure up to specified standards.

Those taking part in the startup's second round of funding with Google Ventures included Khosla Ventures, First Round Capital, Index Ventures, and Allen & Company. Total investment in the company was just shy of $60 million.

"WeatherBill is one of those rare companies that has the leadership and vision to apply new technology to an ancient and daunting problem -- weather's impact on agriculture," said Vinod Khosla, founder of Khosla Ventures.

"Now WeatherBill can help farmers globally deal with the increasingly extreme weather brought on by climate change."

WeatherBill plans to use the money to hire engineers in its San Francisco headquarters and to expand its offerings globally. WeatherBill has about 30 employees.

"It is a technology company doing some work in insurance," Bill Maris of Google Ventures said of WeatherBill.

"This is going to have a real world impact on agriculture," he continued. "Helping farmers protect their financial futures and protecting the global food supply is something we can all be excited with."

Maris noted that Google Ventures, the Internet giant's investment arm, found WeatherBill a natural fit because its founders David Friedberg and Siraj Khaliq are "ex-Googlers."

"This sort of has the feeling of getting the band back together," Maris said of investing in a startup created by former Google employees. "There is an element of people knowing and trusting each other well."

Global agriculture production is valued at more than $3 trillion annually, according to Friedberg.

"It is at risk today from extreme weather conditions, as evidenced by the recent droughts in Russia and China and extensive flooding in Australia, which have decimated global commodity supplies," Friedberg said.

He touted WeatherBill as the first company "to provide every farmer -- from the developing world to the technologically sophisticated -- with a simple and effective solution for removing weather-related risk."

In the United States, WeatherBill supplements subsidized insurance made available to farmers by the government.

WeatherBill also sells vacation insurance that travelers can buy to hedge against foul weather spoiling trips.








Share This Article With Planet Earth
del.icio.usdel.icio.us DiggDigg RedditReddit
YahooMyWebYahooMyWeb GoogleGoogle FacebookFacebook



Related Links
Bringing Order To A World Of Disasters
A world of storm and tempest
When the Earth Quakes



Tempur-Pedic Mattress Comparison

Newsletters :: SpaceDaily Express :: SpaceWar Express :: TerraDaily Express :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News
DISASTER MANAGEMENT
Can-do army lifts Christchurch from quake
Christchurch, New Zealand (AFP) Feb 28, 2011
Tanks and trucks may roll through their earthquake-shattered city but the people of Christchurch are blessed with a ragtag army all of their own. Armed with spades, shovels and tonnes of goodwill, more than 3,000 volunteers fan out daily across New Zealand's largest city to dig silt, clean homes and let people know they are not alone. "You sit there and you look at the television, you fe ... read more

.
Get Our Free Newsletters Via Email
  


DISASTER MANAGEMENT
Google backs weather insurance startup

Year after Chile quake, president pledges vigilance

Can-do army lifts Christchurch from quake

Language school became NZealand quake disaster zone

DISASTER MANAGEMENT
Dell plans China expansion: state media

Xoom sales 'off to good start': Motorola CEO

Videogame makers seek footing on shifting landscape

Japan's NEC in LCD tie-up with China's Tianma

DISASTER MANAGEMENT
Survey Finds More Sea Islands Disappear In China

Marine 'Networks' Can Protect Fish Stocks

Scientists warn of water woes

Research helps Hawaii produce exports

DISASTER MANAGEMENT
Old Salt Suggests Marine Life Is Capturing More Carbon

Carbon Sink At South Pole Has Grown Recently

Massive iceberg shears off glacier after quake hit

Climate change halves Peru glacier: official

DISASTER MANAGEMENT
Seed collection in Norway vault grows

Applications for modified animals debated

High food prices threaten seething Mideast

Transitioning To Organic Farming

DISASTER MANAGEMENT
Christchurch killer buildings had been deemed safe

Rare earthquake hits Arkansas

'I wanted to die', says quake penknife amputee

NZ promises Japan, China probe into school tragedy

DISASTER MANAGEMENT
Ivory Coast envoy reports for duty

New 'environment governance' on agenda in Nairobi

Nigerian troops uncover weapons cache

Three soldiers killed by Casamance rebels: military source

DISASTER MANAGEMENT
Study: Brain is a 'self-building toolkit'

Remains of Ice Age child found in Alaska

Men's cosmetics take off in China

Study: Low self-esteem increases bias


The content herein, unless otherwise known to be public domain, are Copyright 1995-2010 - SpaceDaily. AFP and UPI Wire Stories are copyright Agence France-Presse and United Press International. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by SpaceDaily on any Web page published or hosted by SpaceDaily. Privacy Statement