BOSTON, Feb. 8, 2022 /PRNewswire/ -- Tomorrow.io,
the developer of the leading platform for global weather and
climate security, today announced a more than 150% increase in
sales to $19 million in 2021 from
$7.4 million in 2020 as its client
roster expanded more than 80% across enterprise, government and B2C
businesses. These and other 2021 performance and technology
milestones underpin the company's previously disclosed projections
for continued extraordinary growth.
In December, Tomorrow.io announced plans to list on Nasdaq
through a merger with Pine Technology Acquisition Corp. (Nasdaq:
PTOC, PTOCW, PTOCU). The transaction includes a fully-committed
PIPE anchored by institutional and strategic investors including
Koch Strategic Platforms, National Grid Partners, JetBlue
Technology Ventures, SB Energy Corp., SoftBank Group's Japanese
wholly-owned subsidiary, as well as Pine Technology's sponsor, Pine
Technology Sponsor LLC. Upon closing of the transaction,
Tomorrow.io's common stock and warrants are expected to trade on
Nasdaq under the new ticker symbols "TMW" and "TMWW".
The planned merger follows a successful Series D capital raise
of $77 million in the first quarter
of 2021, as well as the successful acquisition Remote Sensing
Solutions, developers of the leading radar technology that will
power the company's satellite constellation of weather radar
beginning later in 2022.
"Our success over the last year is further proof that we are
well positioned to execute our growth plans as we continue to
expand across the entire weather, climate and ESG landscape," said
Shimon Elkabetz, CEO and Co-Founder
of Tomorrow.io. "From our technological advancements in weather
forecasting, models and actionable insights, to our go-to-market
and revenue growth strategies, the Tomorrow.io team and our
proprietary technology and software platform are firing on all
cylinders."
Since its inception, Tomorrow.io has taken a unique approach to
forecasting weather. It is the only company running its own weather
models at ultra-high resolution that provides weather intelligence
and recommendations to its customers.
In 2021, Tomorrow's enterprise customer base grew 80% from 2020
to 120 clients in industries ranging from on-demand, technology,
aviation, energy, supply chain and logistics, transportation,
sports and events. Client additions in 2021 included: Azul
Airlines, Volta Charging, National Grid Renewables, KOCH
Industries, and Mobileye.
Tomorrow.io's government business unit secured new partnerships
including Raytheon in 2021. The Raytheon partnership aims to
rebuild core infrastructure as part of NOAA's transformational EPIC
program. Additionally, in the third quarter of 2021, the U.S. Air
Force awarded Tomorrow.io a $19.3
million contract to support deployment of the Company's
first four satellites. The U.S. Air Force contract supports both
building and launching satellites and paves a path for a long term
weather Data-as-a-Service contract with the DOD.
In addition to business and federal agency clients, more than
30,000 developers also use Tomorrow.io's proprietary API to embed
its weather data into their applications.
"We continue to see unprecedented weather events becoming the
new normal including the Suez Canal, city flooding, wildfires and
snow just to name a few," said Elkabetz. "All of these events have
a major impact on the global supply chain, energy, and
transportation, to name a few sectors, not to mention the general
well-being and safety of the world's citizens," he added. "We want
people to know that it doesn't have to be this way. Our proprietary
technology is helping the world's leading organizations better
prepare and mitigate the impact of weather on a daily basis."
Tomorrow.io also made a number of significant technological and
platform advancements in 2021, starting with the announcement of
plans to launch satellites that are equipped with in-house built
weather radar to revolutionize forecasting speed and accuracy. The
first launch is planned for late 2022. The company's global product
advancements in 2021 included a next-generation flood risk index
and hyperlocal dynamic wind layer as well as predictive and active
fire management tools. In 2021, the company also expanded its total
global headcount by over 80% across offices including Boston, Boulder, and Tel-Aviv to just under 200 staff members.
Thanks to its expanding business and public profiles among
policy makers in 2021, Tomorrow.io executives were invited to
testify before the U.S. Congress on the impact of extreme heat and
climate security and met with the Israeli Prime Minister,
Naftali Bennett, to discuss the
country's weather and space plans.
About Tomorrow.io:
Tomorrow.io is The World's Weather
and Climate Security Platform, helping countries, businesses, and
individuals manage their weather and climate security challenges.
The platform is fully customizable to any industry impacted by the
weather. Customers around the world, including Uber, Delta, Ford,
National Grid, and more, use Tomorrow.io to dramatically improve
operational efficiency. Tomorrow.io was built from the ground up to
help teams prepare for the business impact of weather by automating
decision-making and enabling climate adaptation at scale.
Headquartered in Boston, MA,
Tomorrow.io employs nearly 200 people globally. To learn more,
please go to: www.tomorrow.io
About Pine Technology Acquisition Corp.:
Pine
Technology Acquisition Corp. is a special purpose acquisition
company (SPAC) formed for the purpose of targeting one or more
businesses for its initial business combination. Pine Technology is
led by CEO and Director Christopher
Longo, the Founder and CEO of tech-focused commercial
insurance managing general agent and brokerage, Novum Underwriting
Partners, and the former CIO and COO of AmTrust Financial Services,
Inc. (AmTrust) and non-Executive Chairman Adam Karkowsky, who currently serves as the
President of AmTrust. Pine Technology Acquisition Corp. was founded
in December 2020 and its Units, Class
A common stock and warrants are listed on the Nasdaq under the
symbols PTOCU, PTOC, and PTOCW, respectively. To learn more,
please go to: www.pinetechnology.com
Forward-Looking Statements
This press release
includes, and oral statement made from time to time by
representatives of Pine Technology and Tomorrow.io may contain,
statements that are not historical facts but are forward looking
statements for purposes of the safe harbor provisions under
applicable securities laws, including the United States Private
Securities Litigation Reform Act of 1995. Forward-looking
statements generally are accompanied by words such as "believe,"
"may," "could," "will," "estimate," "continue," "anticipate,"
"intend," "target," "goal," "expect," "should," "would," "plan,"
"predict," "project," "forecast," "potential," "seem," "seek,"
"future," "outlook," and similar expressions that predict or
indicate future events or trends or that are not statements of
historical matters. These forward-looking statements include, but
are not limited to, statements regarding preliminary revenue for
2021, projections, estimates and forecasts of revenue and other
financial and performance metrics, the ability to complete the
business combination, the ability to recognize the anticipated
benefits of the business combination, Tomorrow.io's ability to
effectively compete in its industry, Tomorrow.io's ability to scale
and grow its business, including the timing of the planned
satellite launches in late 2022, the cash position of the combined
company following closing and the timing of the closing of the
business combination. Forward-looking statements are predictions,
projections and other statements about future events that are based
on current expectations and assumptions and, as a result, are
subject to risks and uncertainties. You should carefully consider
the risks and uncertainties described in the registration statement
on Form S-4, including Pine Technology's prospectus and proxy
statement (the "Proxy Statement/Prospectus"), filed by Pine
Technology with the Securities and Exchange Commission (the "SEC")
under the heading "Risk Factors" and other documents of Pine
Technology filed, or to be filed, with the SEC. There may be
additional risks that Pine Technology and Tomorrow.io presently do
not know or that they currently believe are immaterial that could
also cause actual results to differ from those contained in the
forward-looking statements. In addition, forward-looking statements
reflect Pine Technology's and Tomorrow.io's expectations, plans or
forecasts of future events and views as of the date of this press
release. Pine Technology and Tomorrow.io anticipate that
subsequent events and developments will cause their assessments to
change. However, while Pine Technology and Tomorrow.io may elect to
update these forward-looking statements at some point in the
future, Pine Technology and Tomorrow.io specifically disclaim any
obligation to do so. These forward-looking statements should not be
relied upon as representing Pine Technology's and Tomorrow.io's
assessments as of any date subsequent to the date of this press
release. Accordingly, undue reliance should not be placed upon the
forward-looking statements.
Additional Information and Where to Find It
This
press release is not a proxy statement or solicitation of a proxy,
consent or authorization with respect to any securities or in
respect of the transaction and does not constitute an offer to
sell, buy or exchange or the solicitation of an offer to sell, buy
or exchange any securities or the solicitation of any vote or
approval in any jurisdiction, nor shall there be any sale,
purchase, or exchange of securities or solicitation of any vote or
approval in any jurisdiction in contravention of applicable
law.
In connection with the proposed transaction between Pine
Technology and Tomorrow.io, Pine Technology has filed the
preliminary Proxy Statement/Prospectus with the SEC. Pine
Technology plans to mail the definitive Proxy Statement/Prospectus
to its stockholders in connection with the transaction once
available. INVESTORS AND SECURITYHOLDERS OF PINE TECHNOLOGY ARE
URGED TO READ THE PROXY STATEMENT/PROSPECTUS AND OTHER RELEVANT
DOCUMENTS FILED OR TO BE FILED WITH THE SEC CAREFULLY WHEN THEY
BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION
ABOUT PINE TECHNOLOGY, TOMORROW.IO, THE TRANSACTION AND RELATED
MATTERS. Investors and security holders will be able to obtain free
copies of the Proxy Statement/Prospectus (when available) and other
documents filed with the SEC by Pine Technology through the website
maintained by the SEC at www.sec.gov. In addition, investors and
security holders will be able to obtain free copies of the
documents filed with the SEC by contacting Pine Technology or
Tomorrow.io using the contact information below.
Participants in the Solicitation
Pine Technology,
Tomorrow.io and certain of their respective directors, executive
officers and employees may be considered to be participants in the
solicitation of proxies in connection with the transaction.
Information regarding the persons who may, under the rules of the
SEC, be deemed participants in the solicitation of the stockholders
of Pine Technology in connection with the transaction, including a
description of their respective direct or indirect interests, by
security holdings or otherwise, are included in the Proxy
Statement/Prospectus described above. Additional information
regarding Pine Technology's directors and executive officers can
also be found in the Proxy Statement/Prospectus. These documents
are available free of charge as described above.
Contacts
Media
ICR Inc
TomorrowPR@icrinc.com
Investors
ICR Inc
TomorrowIR@icrinc.com
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SOURCE Tomorrow.io