Benchmark Labs (Accelerator)

Company Description: Modern weather models produce forecasts for grid cells, but not for specific locations within grid cells. However, conditions within a grid cell can vary greatly, and as a result, forecasts are often inaccurate. Forecast errors can lead to significant financial losses (e.g. failure to predict frost events, heat spikes, renewable energy under/over generation, etc.). To solve this problem, Benchmark's ML based weather forecasts for specific locations using publicly available information from the National Weather Service and real-time data from weather stations and other IoT devices. Benchmark Labs target market includes the global agriculture sector, as well as other fixed asset verticals such as the energy and insurance sectors. Benchmark is a hardware agnostic and utilize a SaaS annual subscription revenue model with an initial subscription pricing of $500 per weather station per year, and expected average account size is 500 stations or $100,000 per customer per year.