16 Dec Tomorrow.io Is Going Public via $1.2B SPAC Deal
On Dec 6, Tomorrow.io, an AI-enabled platform for weather analytics, announced that it is going public through a merger with blank-check firm Pine Technology Acquisition Corp (PTOC) in a deal worth nearly $1.2 billion. The deal is expected to close in the first half of 2022. Tomorrow.io will list on Nasdaq under the symbol “TMW”. The $420 million proceeds from the deal will be used to launch radar-equipped satellites and for some “strategic M&A”, Tomorrow.io CEO Shimon Elkabetz said.
The company develops a SaaS Weather intelligence platform that is fully customizable to any industry impacted by the weather. Tomorrow.io has built a new revolutionary system for predicting the weather using data from overlooked sources like wireless phone networks and Internet-connected cars.
Its platform is used by customers around the world including the NFL, Delta, Ford, and National Grid. Other customers like JetBlue Airways Corp and Uber also use Tomorrow.io’s technology to predict the impact of weather events on their business.
Automobility Ltd. is very pleased to learn that its EXCELerate portfolio company is going public via a SPAC merger. The company has demonstrated exponential growth across a range of use cases, including for mobility, in just a short period of time.
Please contact us at firstname.lastname@example.org if you would like further information on this startup or to learn more about other Auto & Mobility investment opportunities from our EXCELerate opportunity pipeline.
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