Farm automation startup FarmWise Labs has completed an oversubscribed $45 million Series B funding round, led by leading agri-tech venture capital firms Fall Line Capital and Middleland Capital, with participation from GV and Taylor Farms, a producer and processor of leafy greens and fresh vegetables.
Existing investors Calibrate Ventures, Playground Global, SVG Ventures and the venture arm of Wilbur Ellis also participated in the round. To date, FarmWise has raised $65 million in equity.
With this round, Clay Mitchell, co-founder and managing director of Fall Line Capital and fifth-generation Iowa farmer joins FarmWise’s board of directors.
Sebastien Boyer, co-founder and CEO of FarmWise, says, “We launched FarmWise with the belief that farmers should be provided with profitable and sustainable solutions to feed a growing world, and artificial intelligence is the ideal technology. to make it a reality. .
“As costs rise in the agriculture industry, we continue to develop our technology to work with many more farmers.”
Monitoring plant-level data with state-of-the-art equipment, the FarmWise system mechanically removes individual weeds with sub-inch precision. Leveraging a fleet of automated weeders, the company operated as a custom service provider for large vegetable farms across California and Arizona for three business seasons, tripling revenue year-on-year. the other.
After 15,000 business hours, FarmWise has enriched its plant database with over 450 million digitized images of individual crops.
Ted Taylor, Manager of New Ventures and Business Development at Taylor Farms, says, “Over the past two years, it has been exciting to see FarmWise establish itself as a trusted solutions partner for so many players in our industry.
“We are thrilled to support FarmWise as a customer, and now an investor, as they look to the future.”
With supply chain disruptions and rising global inflation, farmers are expected to face rising farm input costs. According to Purdue University, 60% of US growers who took part in a recent survey said they expected input prices to rise 30% over the next 12 months.
FarmWise is also already working with thirty different farms to mitigate rising production costs in the industry.
Clay Mitchel, co-founder and managing director of Fall Line Capital, said, “We decided to invest in FarmWise because we believe the technology the team has brought to market can unlock significant savings for growers on and beyond the vegetable market at the same time. when it’s most needed.
With this new round of funding, FarmWise is accelerating its roadmap to launch a vegetable weeding tool that sets a new standard for reliability and versatility in agricultural robotics, and solidifies FarmWise’s position as a leading robotic solutions provider. for vegetable growers.
This new funding will allow the company to serve many more farmers within the vegetable industry and begin to add capacity for its technology to be used on row crop farms which are also facing shrinking Resource.