Google Ventures, the investment arm of the search giant, has funded WeatherBill, a start-up which offers agricultural insurance against bad weather.
WeatherBill received a $42 million round of funding by Google Ventures and silicon valley venture capitalist Vinod Khosla. WeatherBill's team of engineers and weather experts analyse the changing weather and provide insurance based on their findings.
The company, which was founded by former Google employees David Friedberg and Siraj Khaliq, said that more than $3 trillion worth of agricultural produce was in danger of being spoiled by unpredictable, bad weather, Reuters reported.
WeatherBill CEO David Friedberg said, “More than 90 percent of crop losses are due to unexpected weather and climate change is increasing the frequency of extreme weather events.”
The company's main product is Total Weather Insurance, which is designed to pay clients automatically as the weather conditions change, without a lengthy claims process. Google Ventures and Khosla join other investment firms like Allen & Co and NEA, which has invested in the environmental start-up.
WeatherBill said that the hefty new investment will allow it to develop new and existing products and expand their sales operations in the US and oversees.
The United Nations has predicted that the world's weather conditions will become more extreme in the coming century. It said that the weather changes will affect everything from food to water supplies across nations.