Funding round led by Ugly Duckling Ventures and LUMO Labs accelerates the transformation of cell towers into high-resolution weather sensors.
Helsinki, March 3, 2025 – Skyfora, a leader in AI-powered weather technology, has raised €4 million in a funding round led by Danish Ugly Duckling Ventures and Dutch LUMO Labs, with participation from Voima Ventures and the EIC Fund. This new equity investment builds on recent funding from the European Space Agency, EIC Accelerator, and Business Finland, further strengthening Skyfora’s mission to revolutionize global weather forecasting. The investment is announced at MWC25 Barcelona.
The technology has now been successfully tested with various industry leaders. With this funding, the company will accelerate the deployment of its Telecom GNSS Meteorology solution on a larger scale with several partners and expand its footprint in key markets.
Skyfora’s patented Telecom GNSS Meteorology solution transforms existing cell towers into high-resolution weather sensors, unlocking vast amounts of private weather data. This breakthrough not only enhances the accuracy of AI-driven weather forecasts, already surpassing traditional numerical models, but also provides a new revenue stream for mobile network operators (MNOs) — all without requiring additional hardware investments.
“As extreme weather events become more frequent due to climate change, precise forecasting is more critical than ever,” says Fredrik Borgström, CEO of Skyfora. “Our technology fills critical observation gaps and it provides a continuous flow of high-resolution data, which is “superfood” for AI models while enabling MNOs to monetize their infrastructure in a completely new way. We’re delighted to announce this investment at the first day of MWC25 Barcelona”
By providing real-time, large-scale weather insights, Skyfora’s innovation benefits societies, businesses, and industries worldwide—from disaster response and insurance to aviation renewable energy and agriculture.
Svetoslava Georgieva, Chair of the EIC Fund Board, says: “We are delighted with the EIC Fund’s investment in Skyfora, an innovative company developing a next-generation weather intelligence. We believe in the potential of their technology that can save lives and mitigate economic disruptions and financial risks. The unique form of financing via EIC - combining grants and equity – is proving itself highly attractive to Europe's most promising start-ups like Skyfora.”
"At Ugly Duckling Ventures a key thesis is that the future of AI relies on the quality of, and rights to first-party data. Skyfora's commitment to building and utilizing their own first-party datasets sets them apart. Their ability to provide uniquely valuable intelligence in a world increasingly reliant on AI-driven decisions is why we've invested. We are very pleased to join them on their journey and co-lead this round with LUMO Labs, " stated Andreas Green Rasmussen, General Partner, Ugly Duckling Ventures.
Linn-Cecilie Linnemann, Partner at LUMO Labs, adds: "Skyfora's ability to provide critical weather data is a perfect fit with LUMO Labs' focus on climate action and sustainable cities. As climate change intensifies, reliable weather intelligence becomes increasingly crucial for urban resilience. Skyfora's use of first-party data and AI-driven approach align perfectly with our investment strategy. By harnessing existing telecom networks to generate exponentially more atmospheric data, they are unlocking new possibilities in climate technology—making this a truly compelling opportunity."
About Skyfora
Skyfora is a trailblazer in weather technology, dedicated to pushing the boundaries of meteorological innovation. The company's patented Telecom GNSS Meteorology solution is a game-changing innovation optimizing the performance of AI weather forecasts improving global climate change resilience and weather-insight across industries.
Skyfora media contact:
Fredrik Borgström, CEO, fredrik.borgstrom@skyfora.com
About Ugly Duckling Ventures
Ugly Duckling Ventures is a Danish-based venture capital firm investing in early-stage Nordic startups across B2B sectors. We seek out founders with unique perspectives and groundbreaking ideas, providing not only capital, but also sufficient time across our seasoned partner team. We believe in the power of the underdog and are committed to nurturing the next generation of Nordic B2B industry leaders.
Ugly Duckling Ventures media contact:
Andreas Green Rasmussen, General Partner, andreas@uglyduckling.ventures
About LUMO Labs
LUMO Rise Fund is a MEUR 100 multi-stage (Pre-Seed to Series A) impact-driven venture capital fund, with a proprietary startup coaching program for purpose-driven founders, who seek to bring technological innovations to the market to help solve social and environmental challenges.
LUMO Labs VC invests in scalable startups using disruptive technologies such as Artificial Intelligence & Data, Blockchain, Internet of Things, Digital Security, and Extended Realities (AR/VR), contributing to one of the following SDGs: Health & Wellbeing, Quality Education, Sustainable Cities & Communities, and Climate Action.
LUMO is a pan-European fund with a focus on Benelux and Germany, Nordics, Baltics and the Iberian Peninsula. LUMO Rise Fund is the successor fund of LUMO Fund II managed by LUMO Labs, founded in 2016 by former tech entrepreneurs Andy Lürling and Sven Bakkes.
LUMO Labs media contact:
Andy Lurling, Founding Partner; andy@lumolabs.io
For Nordics & Baltics
Linn-Cecilie Linnemann, Partner; linn-cecilie@lumolabs.io
Tel: +47 450 17 701
For Spain
Jorge Blasco, Partner; jorge@lumolabs.io
About the European Innovation Council Fund
The European Innovation Council Fund from the European Commission is an agnostic Fund: it invests across all technologies and verticals, and all EU countries and countries associated to Horizon Europe. It provides the investment component of the EIC Accelerator blended finance. The European Investment Bank acts as an investment adviser to the EIC Fund. The EIC Fund aims to fill a critical financing gap and its main purpose is to support companies in the development and commercialization of disruptive technologies, bridging with and crowding in market players, and further sharing risk by building a large network of capital providers and strategic partners suitable for co-investments and follow-on funding. The Fund pays particular attention to the empowerment and support of female founders as well as the ambition to reduce the innovation divide among EU countries.
European Innovation Council Fund media contact:
Robert Schröder, Communication Head of Sector at European Innovation Council and SMEs Executive Agency, Robert.schroder@ec.europa.eu
About Voima Ventures
Voima Ventures is a Nordic DeepTech venture capital firm that helps founders scale global solutions for the people, planet, and industry. With a focus on sustainability, diversity, and long-term societal impact, Voima Ventures supports early-stage Research to business and university spinouts across sectors such as health, clean energy, advanced materials, and AI. Managing three funds, including the €100M Article 8 compliant Voima Ventures Fund III, the firm supports high-potential companies through strategic investment, guidance, and access to an extensive network in the Nordics and beyond.
Voima Ventures media contact:
Niko Elers, Investment manager, niko.elers@voimaventures.com