# Understory

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/understory

- Industry: Software
- Headquarters: Madison, US
- Website: www.understoryweather.com
- Total disclosed funding: $22M
- Latest round: Series A (Apr 17, 2024)
- Investors on record: 9

## About

Based in Wisconsin, US, and founded in 2012 by CEO Alex Kubicek, Alexander Jacobs, and Bryan Dow, Understory, Inc., a.k.a. Understory operates as an insurance technology company that provides climate risk insurance, addressing the growing challenge of severe weather losses that traditional insurance models struggle to cover. In June 2024, Understory raised USD 13.5 million in a Series A funding co-led by True Ventures and Prelude Ventures. The series A funding values Understory at USD 40.67 million post-money.

Understory offers a digital insurance platform utilizing its hyperlocal climate risk engine to address severe weather risks. The platform features dot weather sensors that capture high-frequency weather data to support accurate loss detection and claim processing. The sensors are solar-powered, maintenance-free, and integrated with third-party devices. Understory's model combines real-time data with historical records, supported by advanced machine learning for precise risk assessment. The platform also provides digital tools for broker management, pricing, quoting, and claims processing. Additionally, it includes features for loss mitigation, offering real-time weather alerts and post-event summaries to protect assets and improve insurance programs.

The company plans to use its proceeds from June 2024 funding to accelerate its expansion initiatives.

## Funding rounds

- Series A, Apr 17, 2024, $14M — True Ventures, Prelude Ventures
- Series A, Mar 27, 2023, $1.5M — True Ventures, Prelude Ventures
- Series B, May 9, 2019, $5.3M — True Ventures, Revolution Ventures, 4490 Ventures
- Seed, Apr 30, 2014, $1.9M — RRE Ventures, True Ventures, SK Ventures, VTF Capital
- Seed, Jul 1, 2013, $0.1M — Bolt
- Seed, Jun 1, 2012, $0M — gener8tor

## Investors

- gener8tor (https://capitalatlas.ai/funds/gener8tor) — Seed
- Bolt (https://capitalatlas.ai/funds/bolt) — Seed
- RRE Ventures (https://capitalatlas.ai/funds/rre-ventures) — Seed
- True Ventures (https://capitalatlas.ai/funds/true-ventures) — Seed, Series B, Series A
- SK Ventures — Seed
- VTF Capital (https://capitalatlas.ai/funds/vtf-capital) — Seed
- Revolution Ventures (https://capitalatlas.ai/funds/revolution-ventures) — Series B
- 4490 Ventures (https://capitalatlas.ai/funds/4490-ventures) — Series B
- Prelude Ventures — Series A