U.S. satellite-based weather forecasting and analytics company PlanetiQ has raised $18.7 million in a Series B funding co-led by venture capital firms New Science Ventures and AV8 Ventures.

Existing and new backers including Valo Ventures, Kodem Growth Partners, Access Venture Partners, Virginia Tech Innovation Fund, among others also joined the round of funding.

In connection with the funding, which brings total funding raised by PlanetiQ to $23.9 million, New Science Ventures and AV8 Ventures will join PlanetiQ’s board of directors.

PlanetiQ is planning to use the new capital raised from the financing to launch its satellite constellation.