Bethlehem, Penn. (PRWEB) July 31, 2006
Weather Trends International (WTI), which uses a unique math and statistics based technology to project the weather forecast eleven months in advance with 75 percent or better accuracy, today announced it has raised a $4.5 million Series A round of funding. Kodiak Venture Partners led the round, with participation from Kallander Group and Cooley Godward.
WTI will use the funding to further technology development and marketing activities. John Abraham, a General Partner at Kodiak will serve as Chairman and Chip Meakem, also a General Partner at Kodiak, will become a member of WTI’s board of directors.
“Kodiak’s operational and industry expertise will allow us to expand our weather solutions to help companies manage the weather risk to the sales of their goods and services,” said Bill Kirk, CEO, Weather Trends International. “We look forward to leveraging Kodiak’s experience in turning technology services companies into market leaders.”
Reliable weather forecasting from WTI has dramatically changed the way companies plan everyday business activities, including allocating seasonal merchandise, timing an advertising/marketing campaign or estimating the total influences of weather on bottom line profits. Retail, pharmaceuticals, food service, utilities, commodities trading, oil and gas, state and local governments, and public utilities are all sectors where weather-related events play an important role in strategic planning, and where accurate weather forecasting can improve operating results. Bill Kirk, CEO, and Jack Grum, Executive Vice President founded Weather Trends International.
WTI’s proprietary forecasting technology provides its clients a year ahead weather forecast with business recommendations by market and week for 471 markets in six countries: the United States, Canada, the United Kingdom, China, Japan and South Korea. Leading companies in retailing, manufacturing, agriculture and consumer packaged goods rely on WTI for weather intelligence that can help them manage the weather risk. Accuracy for the long range year ahead weather intelligence provided by WTI averages 75 percent.
“WTI’s founders, Bill and Jack, have pioneered long-term, reliable weather prediction, and made it an integral part of the commercial landscape,” said John Abraham, General Partner at Kodiak Venture Partners. “I am certain that WTI will continue to build on its impressive track record of empowering its clients to use weather planning to improve the bottom line.”
About Weather Trends
Weather Trends International (WTI) offers a proven technology that projects, with 75 % or better accuracy, the weather forecast eleven months in advance. Once they issue their forecast, it is fixed and will not change. This unprecedented approach to weather forecasting has great commercial applicability that is presently being used by WTI’s customer base of over 30 companies that includes Wal-Mart, Kohl’s, Anheuser-Busch, Johnson & Johnson, and CitiGroup.
About Kodiak Venture Partners
Kodiak Venture Partners is a Waltham, Mass.-based venture capital firm focused on seed and early stage investments in emerging communications/IT, semiconductor and software companies. With a focus in the eastern regions of the U.S. and Canada, Kodiak Venture Partners builds relationships with entrepreneurs seeking accelerated market success. Kodiak’s investment partners are successful high-technology business entrepreneurs who take a high-impact, hands-on approach to forming, operating, buildi