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

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.

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The Spire Global Registered (A) Stock at the time of publication of the news with a raise of +1,65 % to 9,25USD on Tradegate stock exchange (26. April 2024, 22:26 Uhr).