Announcing our Seed round and rebranding to Overstory
We are thrilled to announce the closing of our Seed investment and the rebranding to Overstory.
Seed investment round
The $1.7 million Seed round is led by leading climate fund Pale Blue Dot and joined by Powerhouse Ventures, Techstars and Futuristic VC. With this new round of financing, we will take the next step towards our mission: Monitoring all natural resources on Earth in real-time.
“Forests and healthy ecosystems are vital for negative emissions and the health of the biosphere. By lacking global comprehensive measuring and tracking, we have a hard time to reduce our impact and verify the good work being done. We loved how the team at Overstory built a solid technology and data, and already got it out there with customers.”
Joel Larsson, GP at Pale Blue Dot
The core focus of this next phase is the accelerated roll-out of our vegetation intelligence platform, using machine learning to interpret satellite imagery and climate data. The platform helps electric utilities to reduce the risks of wildfires and power outages. In addition, we continue to build strong partnerships in forestry and the environment.
We are rebranding to Overstory
With this new step, we decided to rebrand. While the name 20tree.ai refers to our specialization (data-driven vegetation intelligence) it’s not as easy to spell and remember.
We chose a name more conceptual, easy to pronounce and of course with a clear reference to our mission. Our new name is Overstory! What does it mean? The “overstory” of a forest is the layer of giant trees emerging through the canopy. These tall trees are a vital part of tropical forests. They are resilient and have adapted to make use of heavy winds that blow through their branches. They are also key to providing support to the entire ecosystem.
What’s next?
We are very grateful for all the support we received in the past years, from our customers and partners to our friends and family! It has been a great journey and we are excited about the future of Overstory!
