Benchmark labs develops IoT-based weather forecasting solutions for the agriculture, energy, and insurance sectors. The firm's solution combines grid level weather data with site-based IoT sensors and provides precise asset-located weather forecasting through their AI software to optimize renewable energy generation & water allocation, reduce spatial basis risk and maximize financial benefits. The solution utilizes Machine Learning (ML) to improve accuracy with more data, leading to better planning and reduced operation costs. Currently, the agriculture industry relies on traditional weather forecasts which uses data from grid points to predict trends, which leaves room for error and risk. This solution adjusts forecasts with microclimate data collected on a field-by-farm basis uses IoT intelligent devices.
