Data-focused crop-management startup FarmLogs has raised $22 million in a funding round led by Naspers Ventures, the VC arm of South African media giant Naspers, with participation from existing investors Drive Capital, Huron River Ventures, Hyde Park Venture Partners, SV Angel, and Y Combinator president Sam Altman.
Founded out of Ann Arbor, Michigan in 2011, Y Combinator alumnus FarmLogs uses data science and machine learning smarts to help farmers garner insights into what’s happening in their fields in order to maximize their yield, reduce waste, and increase profitability. The platform monitors metrics such as crop health, rainfall, nitrogen levels, and more, while enabling users to record and share scouting notes with photos from specific locations in a field. Farmers can access this data through native mobile apps for Android and iOS.
Today, FarmLogs claims its platform is used by more than a third of row crop farms in the U.S.
Prior to now, FarmLogs had raised $15 million, and with its latest cash injection the company says it plans to expand its team and expedite product development.
“This additional funding will enable us to further grow our team, to accelerate product innovation, and to continue investing aggressively in creating a better future for farming,” said Jesse Vollmar, CEO and cofounder of FarmLogs. “We’re gaining an incredible partner with Naspers Ventures, and we’re thrilled to have the support of world-class investors as we keep the momentum building and continue to tackle huge challenges in agriculture.”
Agriculture technology (AgTech) companies are ripe for investment, with big data increasingly used to improve crop yield. Tel Aviv-based CropX, an AgTech company that builds software and sensors for farmers, has raised around $10 million from notable investors, including former Google CEO Eric Schmidt’s VC firm Innovation Endeavors.
Elsewhere, fellow Israeli AgTech startup Prospera has raised $7 million for its artificial intelligence-based farming system, while San Francisco-based Granular, an analytics platform for farmers, has nabbed $25 million from some big-name investors, including Google Ventures (GV) and Andreessen Horowitz.