Erode AI Emerges with a Vision for Climate Resilience
In an era where climate change poses an ever-growing challenge, Erode AI, a Canadian ClimateTech company, has emerged as a beacon of hope. With a mission to offer unparalleled accuracy in weather forecasting, they are uniquely positioned to aid industries in navigating the complexities of our evolving climate.
Erode AI recently closed a $325K pre-seed round and launched to provide customers with easy access to some of the world’s most accurate forecasts for precipitation and wind, harnessing the power of generative AI. As the impacts of climate change become more evident and severe, technologies like Erode AI that help societies adapt and become more resilient are crucial. This includes advancements in weather forecasting, which can provide accurate and timely predictions to help prepare for extreme weather events.
A Leap Beyond Traditional Weather Forecasting
Traditional weather forecasting has long relied on physics-based climate simulations. While informative, these methods are often costly and inefficient. Erode AI is breaking new ground by leveraging the power of generative artificial intelligence. This innovative approach allows for accurate, localized, and probabilistic forecasts with horizons extending up to 10 days. Such detailed insights enable decision-makers to instantly assess risk and understand the potential impacts on each asset in their portfolio.
Why Erode AI, and Why Now?
We are thrilled to back the expertise and vision of its co-founders, Cody Kupferschmidt (PhD Candidate) and Craig MacRitchie. Their combined knowledge in AI, statistical hydrology, forecasting, optimization, and water resources engineering is at the core of Erode AI’s innovative approach. They both have first-hand experience of the importance of accurate weather forecasting through the eyes of many different stakeholders. Whether performing regulatory flood mapping with government agencies, planning for the irrigation needs of farmers in a changing climate, or assessing the energy generation potential of hydroelectric generating stations, the importance of good data has a significant impact on lives, livelihoods, and the success of businesses.
“Investing in Erode AI was an easy choice,” says Forum General Partner, Jonah Midanik. “These are two deeply technical founders with domain expertise. Add in the unrelenting sense of mission that Cody and Craig have for solving that is a big, important problem, this was a no-brainer. Forum is honored to be included in the fundraise”
The Urgent Need in Key Industries
Erode AI’s technology arrives at a critical time, as extreme weather continues to impact various sectors significantly:
- Agriculture: The sector faces increasing crop losses due to extreme weather events. In 2022, the US Department of Agriculture reported a record-breaking $19.1B in insured payouts to farmers, a staggering 500% increase since 2001.
- Insurance: The industry is grappling with the rising costs of natural catastrophes. In the first half of 2023 alone, Swiss Re reported insured losses exceeding $50B, primarily due to convective storms and floods.
- Energy: The US has seen a doubling of grid outages linked to severe weather events since the early 2000s, highlighting the vulnerability of the energy sector.
A Future of Climate Resilience
Erode AI's technology is more than just a forecasting tool; it is a means to empower communities, ecosystems, and systems. By enabling better anticipation, preparation, response, and recovery from climate-related events, Erode AI sets a new standard in climate resilience.
In conclusion, Erode AI, supported by Forum Ventures, is not just launching a product; they are charting a course toward a more informed and resilient future. As we face the challenges of a changing climate, the role of innovations like Erode AI becomes increasingly vital in safeguarding our industries and communities.
To learn more and join the waitlist visit https://www.erode.ai/