Spire Global Secures Multi-Million Dollar Deal with Financial Firm for Weather Forecasts

Rhea-AI Summary

Spire Global, Inc. (NYSE: SPIR) has secured a multi-million-dollar deal with a financial firm to provide High-Resolution Weather Forecast models and develop an AI-powered model for long-range forecasting. The deal aims to increase the accuracy of weather forecasts and produce long-range probabilistic forecasts at unprecedented speeds. Spire will leverage Earth-2, NVIDIA’s platform for weather and climate change modeling, to train and run AI weather models. By utilizing proprietary data collected from space, Spire's multipurpose constellation of satellites aims to usher in a new era of accuracy, speed, and reliability in weather forecasting. The suite of Weather and Climate solutions will serve customers across various industries including energy, logistics, utilities, agriculture, and more.

Positive

• Spire Global, Inc. (NYSE: SPIR) has secured a multi-million-dollar deal with a financial firm to leverage Earth-2, NVIDIA’s platform for weather and climate change modeling, to train and run AI weather models. This deal aims to increase the accuracy of weather forecasts and produce long-range probabilistic forecasts at unprecedented speeds.

• Spire's multipurpose constellation of satellites, utilizing radio occultation technology, captures precise vertical profiles of temperature, pressure, and humidity across the globe, including under-observed areas and remote regions. By utilizing these proprietary datasets to initialize an AI forecasting model, the Company aims to usher in a new era of accuracy, speed, and reliability in weather forecasting.

• Spire’s suite of Weather and Climate solutions, including its recently launched High–Resolution Weather Forecasts, DeepVision™, global weather forecasts, proprietary data sources like ocean winds and soil moisture, and additional atmospheric weather datasets, serves customers across various industries including energy, logistics, utilities, agriculture, and more.

Negative

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Insights

Financial Analyst

The multi-million-dollar deal between Spire Global and a financial firm signifies a strategic investment in advanced weather prediction capabilities, which holds considerable promise for sectors where weather impacts economic activity. The key takeaway for investors is Spire's focus on leveraging its proprietary space-based data and collaboration with NVIDIA's Earth-2 platform to enhance its AI weather models. This move could potentially lead to a competitive edge in accuracy and speed of forecasts, an important consideration for industries like energy, logistics and agriculture that are sensitive to weather changes. Financial firms could use these improved forecasts to better understand and mitigate risks associated with commodity pricing and supply chain disruptions due to extreme weather conditions.

Technology & Innovation Analyst

This deal underscores the growing importance of AI and space technology in practical applications such as weather forecasting. The use of radio occultation technology from Spire's satellite constellation to feed data into AI models is an innovative approach that can revolutionize long-range probabilistic forecasts. For investors, the technology's ability to provide detailed insights in under-observed and remote regions could open up new markets and applications, driving future revenue streams for Spire. Moreover, as climate change induces more extreme weather incidents, the demand for such high-resolution forecasting models is likely to escalate, potentially positioning Spire at the forefront of this niche market.

Weather models powered by space-based data and AI will provide critical insights

VIENNA, Va.--(BUSINESS WIRE)-- Spire Global, Inc. (NYSE: SPIR) (“Spire” or “the Company”), a global provider of space-based data, analytics and space services, has entered into a multi-million-dollar deal with a financial firm. The Company will provide its High-Resolution Weather Forecast model, which offers a six-day outlook powered by proprietary data collected from space, and develop an AI-powered model for long-range forecasting.

Through this deal, Spire will build off of its recent collaboration with NVIDIA to leverage Earth-2, NVIDIA’s platform for weather and climate change modeling, to train and run AI weather models. These models are projected to increase the accuracy of weather forecasts and produce long-range probabilistic forecasts at unprecedented speeds.

“Having spent my career in the field of weather, I’m amazed at the rapid pace by which we’re seeing AI transform weather forecasting, especially when paired with proprietary data that can only be collected from space,” said Michael Eilts, general manager of Weather & Climate at Spire. “As climate change causes more volatile and extreme weather patterns, our models are equipping financial firms with the crucial insights needed to anticipate weather’s influence on price dynamics and market trends.”

Spire's multipurpose constellation of satellites, utilizing radio occultation technology, captures precise vertical profiles of temperature, pressure, and humidity across the globe, including under-observed areas and remote regions. By utilizing these proprietary datasets to initialize an AI forecasting model, the Company aims to usher in a new era of accuracy, speed and reliability in weather forecasting.

Spire’s suite of Weather and Climate solutions, including its recently launched High–Resolution Weather Forecasts, DeepVision™, global weather forecasts, proprietary data sources like ocean winds and soil moisture, and additional atmospheric weather datasets, serves customers across various industries including energy, logistics, utilities, agriculture and more.

About Spire Global, Inc.

Spire (NYSE: SPIR) is a global provider of space-based data, analytics and space services, offering unique datasets and powerful insights about Earth so that organizations can make decisions with confidence in a rapidly changing world. Spire builds, owns, and operates a fully deployed satellite constellation that observes the Earth in real time using radio frequency technology. The data acquired by Spire’s satellites provides global weather intelligence, ship and plane movements, and spoofing and jamming detection to better predict how their patterns impact economies, global security, business operations and the environment. Spire also offers Space as a Service solutions that empower customers to leverage its established infrastructure to put their business in space. Spire has nine offices across the U.S., Canada, UK, Luxembourg, Germany and Singapore. To learn more, visit spire.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240429856492/en/

Media Contacts

For Media:

Sarah Freeman

Communications Manager

Sarah.Freeman@spire.com

For Investors:

Benjamin Hackman

Head of Investor Relations

Benjamin.Hackman@spire.com

Source: Spire Global, Inc.

FAQ

What deal has Spire Global secured with a financial firm?

Spire Global has secured a multi-million-dollar deal to provide High-Resolution Weather Forecast models and develop an AI-powered model for long-range forecasting.

What technologies will Spire Global leverage to train and run AI weather models?

Spire will leverage Earth-2, NVIDIA’s platform for weather and climate change modeling, to train and run AI weather models.

What do Spire's multipurpose constellation of satellites aim to achieve in weather forecasting?

Spire's multipurpose constellation of satellites aims to usher in a new era of accuracy, speed, and reliability in weather forecasting by capturing precise vertical profiles of temperature, pressure, and humidity across the globe.

Which industries will Spire’s suite of Weather and Climate solutions serve?

Spire’s suite of Weather and Climate solutions will serve customers across various industries including energy, logistics, utilities, agriculture, and more.