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 growing areas of concern such as climate risk and resiliency. This was an important factor in attracting ESG-focused funders such as Allos Ventures, which led the seed round with its $2.5 million investment.
“Teren is leading the way in geospatial software innovations,” said Don Aquilano, co-founder and managing partner at Allos Ventures. “We believe that this new standard set by Teren will propel the industry forward while continuing to offer companies valuable data to shift their relationship with the environment and climate risk in a positive direction.”
Denver-based Teren provides geospatial analytics, and its mission is to create a safer and more sustainable planet by bringing together people whose individual values are rooted in being part of the solution to today’s most pressing environmental challenges.
About Allos Ventures
Allos Ventures invests in early-stage technology companies, with a focus on B2B software companies at a seed or Series A stage, augmenting the capital provided by seed and startup investors.