TCC said it plans to hire more than 50 quantitative researchers, data scientists and software engineers.
It has had particular success in the past couple of years attracting farmers to take up its weather insurance programme.
Founders Fund partner Peter Thiel, the Paypal co-founder and venture billionaire, said, “The Climate Corporation has developed a unique technology to tackle one of the world’s most important challenges.
“Climate variability poses a giant and growing risk to the world’s ability to feed itself and for farmers to survive.
“The company can develop a global business that will change how the world feeds itself.”
CEO David Friedberg said, “The United Nations estimates that 45 per cent of the global workforce are farmers, making farming the largest professional activity in the world.
“Every farmer can see their profit and their livelihood disappear in a single season as a result of the weather.
“With such a large affected population, and the potential to help undergird a $3tn global industry, we are privileged to have an opportunity to make a lasting and meaningful real-world impact through our work.”
Four of the five Quroa investors had links with social media giant Facebook, where Quora co-founders Adam D’Angelo and Charlie Cheevers both worked closely with Mark Zuckerberg.
Copyright © 2012 AltAssets