Tomorrow.io has cancelled its plans to become a publicly listed company, citing poor market conditions.

The weather data vendor was set to merge with special purpose acquisition company (SPAC) Pine Technology Acquisition Corp., a deal that it initially announced in December 2021.

By going public, it hoped to fund the launch a constellation of 32 radar-equipped satellites, which would collect global precipitation data.

As part of the termination agreement, Tomorrow.io will pay Pine Technology $1.5m.

Throughout 2020 and 2021, many data vendors capitalised on strong market conditions to go public via SPACs or more traditional routes, including SimilarWeb, Otonomo and Spire Global.

Photo by Mahdi Soheili on Unsplash