Ag Tech Startup
Rabobank and RocketSpace Launch Terra Agtech Accelerator
San Francisco & New York: For Terra, the Food + Ag Tech Accelerator, and the official opening of startup applications, RocketSpace and Rabobank announced the addition of two new corporate collaborators.
AgTech Innovator Accelerates Growth to Tackle Global Drought and Rising Farming Costs
San Francisco: CropX, provider of the world’s most advanced adaptive irrigation service, today announced it has completed the first close of its $9 million Series A financing. Led by Finistere Ventures, Innovation Endeavors, and GreenSoil Investments, each investor in the Series A round is dedicated to agriculture technology innovations. OurCrowd also participated in the round given their previous investment in the company.
“Before CropX, there was no cost-effective way to control our irrigation infrastructure,” noted Mike Mills, a Missouri farmer and CropX customer. “We are now able to accurately and easily manage our irrigation and make real-time adjustments – all from a smartphone and across multiple farms and fields. CropX’s solution allows us to lower our water and energy usage.”
The investment will be used to aggressively expand the CropX team and scale the company to meet the increasing need among farmers for low-cost and simplified, remote control of their irrigation. It will also fund new product development including controls in nutrition, plant protection, and planting and harvesting prediction.
The CropX system automatically analyzes the exact water needs of different parts of each field based on topography, soil structure, and current moisture. Farmers simply download the mobile app and place three wireless sensors in the ground. These sensors continuously send soil readings to the cloud, where the patent-pending CropX software determines how to effectively irrigate different parts of the field based on pattern-recognition analysis and revolutionary algorithms. Farmers can self-install the system without expensive infrastructure or significant consulting input during the installation process.
“CropX is our first AgTech investment since the launch of the Farm2050 collective, which has grown significantly since its inception in late 2014,” stated Innovation Endeavors Managing Partner Dror Berman. “CropX is a leader in the digital agriculture space, helping farmers globally overcome rising irrigation challenges. We are excited to support such a fantastic team that is building the future ag tools.”
CropX’s product was developed by a team of world-leading scientists and technology experts in New Zealand and Israel, a global leader in water conservation technology, and was validated on-farm over the past five years.