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AI-driven weather balloons hope to make weather forecasts more accurate

This summer is expected to be one of the busiest hurricane seasons in history, according to the annual forecast from the National Oceanic and Atmospheric Administration (NOAA). The frequency and intensity of the storms are increasing. Weather prediction is more critical than ever.

Artificial intelligence has made the weather forecasting market increasingly crowded. From hurricanes and tornadoes to wildfires and drought, fresh technology is revolutionizing science and the industry. Investors see a big opportunity, especially in startups.

Entrants to the field like Tomorrow.io, Google DeepMind, and California-based Windborne are using new technologies to detect weather events. Windborne uses a new type of weather balloon, for example.

“We operate the most comprehensive balloon constellation on the planet,” said John Dean, CEO and co-founder of Windborne. “We also do AI-based weather modeling. And so our mission is to mitigate the most disruptive aspects of climate change.”

Windborne’s balloons can fly for weeks, as opposed to today’s government-launched weather balloons which stay aloft for just a few hours and can’t reach remote locations.

“This means that we can collect roughly 40 to 50 times more data per balloon, and we can also collect this data over oceans and over under-observed areas by launching easy-to-reach launch sites and then flying over oceans and collecting data in situations as needed,” Dean explained.

The balloons use satellite communication to deliver their data in real-time. The world currently lacks weather data for 85% of the atmosphere, according to the World Meteorological Organization (WMO). Windborne’s goal is to close this gap with its technology — using fewer balloons to offer global coverage.

Demand for data from government and big business is driving funding. Windborne just closed a $15 million round with lead investor Khosla Ventures.

“It’s about a $100 billion market now, and it touches pretty much every industry,” Sven Strohband, partner and managing director at Khosla Ventures, said of the weather forecasting market. “It hasn’t really been meaningfully disrupted since the Weather Company in the 1990s. So that makes it a very attractive market for us.”

The World Economic Forum (WEF) recently said extreme weather and weather uncertainty present the biggest risks to businesses over the next decade. Windborne claims its technology can make a two-week forecast as accurate as today’s two-day forecast.

In addition to Khosla Ventures, Windborne is backed by Footwork VC, Pear VC, Convective Capital, Ubiquity Ventures and Susa Ventures. The company has raised $25 million to date.

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New Astronomer CEO gives first statement since Coldplay kiss-cam scandal

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New Astronomer CEO gives first statement since Coldplay kiss-cam scandal

Chris Martin of Coldplay performs live at San Siro Stadium, Milan, Italy, in July 2017.

Mairo Cinquetti | NurPhoto | Getty Images

Astronomer‘s interim CEO said in his first public comment since unexpectedly taking over the role on Saturday that he hopes to move the tech startup past the viral moment that captured national attention last week.

Pete DeJoy was appointed to the top job due to the resignation of CEO Andy Byron, days after he was caught on video in an intimate moment with the company’s head of human resources at a Coldplay concert. Astronomer said over the weekend that it would begin a search for a new CEO.

“The events of the past few days have received a level of media attention that few companies — let alone startups in our small corner of the data and AI world — ever encounter,” DeJoy wrote in a LinkedIn post on Monday. “The spotlight has been unusual and surreal for our team and, while I would never have wished for it to happen like this, Astronomer is now a household name.”

Byron was shown on a big screen at the concert in Boston on Wednesday with his arms around Chief People Officer Kristin Cabot. Byron, who is married with children, immediately hid when the couple was shown on screen. Lead singer Chris Martin said, “Either they’re having an affair or they’re just very shy.” A concert attendee’s video of the affair went viral.

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DeJoy helped start Astronomer in 2017, according to his LinkedIn profile, and had been serving as chief product officer since earlier this year.

In May, Astronomer announced a $93 million investment round led by Bain Ventures and other investors, including Salesforce Ventures.

“I’m stepping into this role with a wholehearted commitment to taking care of our people and delivering for our customers,” DeJoy wrote. He added that “our story is very much still being written.”

Astronomer is commercializing the open-source data operations platform Astro. DeJoy wrote that customers “trust us with their most ambitious data & AI projects” and that “we’re here because the mission is bigger than any one moment.”

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Figma IPO could value design software maker at $16 billion

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Figma IPO could value design software maker at  billion

Dylan Field, co-founder and CEO of Figma Inc., after the morning sessions at the Allen & Co. Media and Technology Conference in Sun Valley, Idaho, on July 11, 2024.

David Paul Morris | Bloomberg | Getty Images

Design software company Figma on Monday published an updated prospectus for its initial public offering.

The company said it expects to sell about 37 million shares at $25 to $28 each. That would generate as much as $1 billion in proceeds, between the company and selling shareholders.

The IPO could value Figma, led by co-founder Dylan Field, a fully diluted valuation of $14.6 billion to $16.4 billion. Field plans to sell 2.35 million shares, which could be worth as much as $65.8 million.

In a 2024 tender offer, investors valued the company at $12.5 billion. In 2022, Adobe had agreed to acquire Figma for $20 billion, but the deal was scrapped after regulators objected.

The flow of technology companies joining U.S. exchanges has slowed since late 2021. Concerns over inflation and a recession made some investors less interested in backing fast-growing but money-losing companies.

But a few technology stocks have become available in recent months. CoreWeave went public in March, and Circle and Chime shares started trading in June.

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Figma filed to go public on July 1, announcing plans to trade on the New York Stock Exchange under the symbol “FIG.”

On Monday, it provided preliminary results for the second quarter, showing $9.0 million to $12.0 million in operating income on $247 million to $250 million in revenue. That would imply year-over-year revenue growth of 39% at the low end and 41% at the high end. Growth in the first quarter exceeded 46%.

During the second quarter, Figma added clients and expanded business with existing ones. The company’s operating margin would be ticking up to 4% to 5%, up from 3% in the same quarter a year ago, based on the preliminary results.

Figma said it has authorized the issuance of “blockchain common stock” in the form of “blockchain-based tokens.” So far, though, Figma said it isn’t planning to issue this type of stock. In July, Figma disclosed investments in a stablecoin and a Bitcoin exchange-traded fund.

Mike Krieger, a co-founder of Instagram who is now chief product officer of artificial intelligence model developer Anthropic, has joined the board. Luis von Ahn, co-founder and CEO of Duolingo, is also joining the board, according to the filing.

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Microsoft hit with SharePoint attack — one version still vulnerable

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Microsoft hit with SharePoint attack — one version still vulnerable

A Microsoft store in New York, US, on Friday, Oct. 25, 2024. 

Jeenah Moon | Bloomberg | Getty Images

Microsoft has warned of “active attacks” targeting its SharePoint collaboration software, with security researchers noting that organizations worldwide stand to be affected by the breach.

The Cybersecurity and Infrastructure Security Agency said Sunday in a release that the vulnerability provides unauthenticated access to systems and full access to SharePoint content, enabling bad actors to execute code over the network.

CISA said that while the scope and impact of the attack continue to be assessed, the agency warned that it “poses a risk to organizations.”

Microsoft late Sunday issued fixes for customers to apply to two versions of the SharePoint software. Another 2016 version remains vulnerable and the company said it is working to develop a patch.

Researchers at Palo Alto Networks said the hack likely reached thousands of organizations globally.

“The exploits are real, in-the-wild and pose a serious threat,” they added.

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CNBC has reached out to Microsoft for additional comment and information.

In an alert on Saturday, Microsoft said the attack applies only to on-premises SharePoint servers, not those in the cloud like Microsoft 365. SharePoint software is commonly used by global businesses and organizations to store and collaborate on documents.

The vulnerability is especially concerning because it allows hackers to impersonate users or services even after the SharePoint server is patched, according to researchers at European cybersecurity firm Eye Security, which said it first identified the flaw.

SharePoint servers often connect to other Microsoft services such as Outlook and Teams, meaning such a breach can “quickly” lead to data theft and password harvesting, Eye Security researchers said.

Separately, Alaska Airlines briefly halted its ground operations for about three hours on Sunday due to an IT outage. It lifted the ground stop at roughly 2 a.m. EST, the carrier said in a statement.

It was unclear whether the outage was related to the SharePoint attack.

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