Mark Cuban Joins Decentralized Climate Data Marketplace dClimate As An Investor and Strategic Advisor
NEW YORK, June 16, 2021 /PRNewswire/ -- dClimate, the first decentralized network for climate data, today announced that entrepreneur Mark Cuban has joined dClimate as an investor and strategic advisor. The investment was made through Cuban's venture capital group, Radical Investments.
"From insurance products that payout based on rainfall data to tools that allow ESG programs to measure carbon footprint, dClimate can be the go-to platform for every organization that uses or builds with climate data," said Cuban. "I'm excited to be working with a team that is using blockchain and smart contracts to solve a pressing, real-world problem and that is building a platform to help organizations around the world build climate resilience."
"Climate and weather datasets are crucial to the planning and product infrastructure of so many businesses, governments, and other entities exposed to weather throughout the world, yet this space is highly fragmented and lacks standardization and transparency in many key areas," said Sid Jha, a founding partner of dClimate. "With damages from weather disasters increasing each year and 70 percent of businesses globally estimated to be impacted by weather, the need for a standardized, user-friendly marketplace that incentivizes greater openness and innovation in the climate data ecosystem has never been greater. We are privileged that an investor and entrepreneur of Mark's caliber and stature understands the need for dClimate and is committed to help build and grow this network to benefit the many stakeholders who use and rely on this critical information about our planet."
dClimate was conceived of by the founding team of Arbol Inc., an InsurTech platform for parametric weather insurance/derivatives products that will also be an anchor client for the network. dClimate aims to be the premier platform where businesses and entities can go to retrieve the climate data and forecasts they need to build new products and plan for future weather disasters and where publishers can g to house and monetize their work product. The network previously announced a $3.5 million seed financing round in April led by CoinFund, with participation from Multicoin Capital and Republic Labs to finance network development and user acquisition. The dClimate data marketplace will launch this summer.
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