Teren, formerly SolSpec, has announced $4 million in seed funding led by Allos Ventures, as well as formally rebranding to Teren.
The AI machine learning software and content company, which provides geospatial data and insights, said in a news release that the funding will allow it to expand its workforce by 40 percent in an effort to target the fast-growing remote-sensing market, which is estimated to exceed $13 billion by 2027.
Demand for Teren’s proprietary analytics has traditionally been strong within the oil and gas industry, which grapples with geological threats such as landslides that can damage pipelines and present environmental risks, the company said in a news release. But Teren is now set to help insurance, solar, environmental and transportation industries address climate risk issues affecting their assets. The company has developed pre-construction surveys and analytics for solar installations and pre-burn and post-burn analytics to improve wildfire mitigation and response.
Using its proprietary cloud technologies and machine learning tools, Teren makes massive LiDAR and other Earth observation datasets usable and actionable.
Teren’s Earth observation data and insights are expanding to deliver more change-over-time analytics at scale, furthering its ability to help companies address…
