BOULDER — Tempo Quest Inc. has closed a seed-financing round that generated $2.5 million.
The company announced Wednesday that investors in the financing round included SCubed Capital LLC, based in Menlo Park, Calif., and a group of individual angel investors including Bob Pavey and Harvey Jones.
Tempo Quest president Gene Pache said that the financing will help speed development of new weather-forecasting software.
“The need for increased weather forecasting speed and accuracy has never been greater, as evidenced by the catastrophic impact recent weather events have had on lives and property in the U.S., and across the Caribbean,” Pache said in a prepared statement.
Tempo Quest’s solutions use NVIDIA Graphic Processing Units to reduce regional forecasting times from two hours to 15 minutes, while at the same time dramatically improving forecast precision and the graphic visualization of critical weather data analytics, the company said.
“The resulting benefits promise to save countless lives and significantly reduce storm-related property destruction,” Pache said.
Pache said that the German insurance company, Allianz Risk Mitigation, had calculated profit losses linked to deficient weather forecasts equaled as much as 3.6 percent or greater of a country’s gross domestic product, which would equate to nearly $700 billion for the United States in 2018.