EIC Rose Rock, an early-stage VC fund focused on energy technologies, announced in July its direct investment into Salient Predictions, a Boston-based weather analytics company. Developed by Massachusetts Institute of Technology (MIT) and Woods Hole Oceanographic Institution scientists, Salient’s forecasts and analytics use superior data and state-of-the-art methodologies to deliver world-class accuracy in Subseasonal to Seasonal (S2S) weather forecasts, two to 52 weeks in advance. EIC Rose Rock participated in a $3 million financing alongside several existing investors, including Munich Re Ventures, Powerhouse Ventures and First Star Ventures.
“Weather has a substantial and growing impact on energy demand, reliability, and supply. Salient, a leader in S2S weather forecasting, is applying emerging meteorological science and machine learning to extend the weather forecasting window,” said Andrew Lackner, Managing Director of EIC Rose Rock. “Salient Predictions will enable reduced cost and improved reliability in the energy industry, and will provide substantial value in other industries such as agriculture, transportation, and insurance.”
“We are delighted to invest in Salient Predictions and bring their advanced weather prediction capabilities to Tulsa, where we are building a Center of Excellence for weather prediction applications for the energy industry,” said David Clouse, Managing Director of the EIC Rose Rock fund. “Our corporate energy partners will benefit from working with Salient to incorporate more accurate, long-term weather forecasts into their operational risk models.”
Matt Stein, Salient’s CEO, stated, “Salient is pleased to have found an investment group like EIC Rose Rock that is as excited as we are by our technology’s impacts on the energy industry. We will also be leveraging the extensive network of Rose Rock Bridge to support our growth in the region.”
In addition to the investment from EIC Rose Rock, Salient has been accepted into the Rose Rock Bridge incubator program and awarded a $100,000 non-dilutive grant to help build its business presence in Tulsa. Rose Rock Bridge and EIC Rose Rock offer a unique investment continuum that provides energy startups from pre-seed to Series A funds, business and IP support, and access to the world’s premier energy companies.
“Extreme weather events pose significant challenges to the energy industry,” said Kastle Jones, Managing Director of Rose Rock Bridge. “Our corporate energy partners recognize weather as a crucial component of their operations. We are excited to welcome Salient to Tulsa and expect they will develop innovations that enhance energy delivery systems and catalyze growth in the local entrepreneurial community.”