CropX raises $ 9 million to reduce farmers’ water needs
CropX, an American and Israeli start-up specializing in “connected agriculture”, has just raised 9 million dollars (7.9 million euros) from Finistere Ventures, as main investor, and from Innovation Endeavors – the investment fund launched by Eric Schmidt, the former CEO of Google – and GreenSoil Investments. OurCrowd also participated in this roundtable.
at. Once established in the land, these collect a set of data that is sent to a platform cloud. Software and algorithms analyze the information and then provide watering recommendations to farmers. A map, available from the Web or a mobile application, thus indicates to them the water needs of each plot. On its website, CropX says his system saves up to 25% of water and energy used for irrigation, and therefore increases crop yields.
“The agricultural industry is struggling to cope with rising energy costs and tight water supplies, and is trying to reduce water wastage and increase crop yields. Our service helps farmers grow more with less – and eliminates unnecessary water useSays Isaac Bentwich, CEO.
Other companies are also positioning themselves in the connected agriculture market. In May, Farmers Business Network was raising $ 15 million, mostly from Google Ventures. The company runs a platform for exchanging data between farmers who, in turn, want advice on the factors that increase yields. The sector must also deal with Climate Corp, acquired by giant Monsanto for $ 930 million in 2013. The company analyzes weather data to provide forecasts on harvests.
Several French start-ups are also positioning themselves in this sector. Airinov For example, develops drones equipped with thermal cameras to determine soil needs. Montpellier Fruition Sciences has meanwhile designed sensors integrated into the vineyard to measure sap flow and water requirements. The latter has an office in Napa Valley, United States.
Founder: Isaac bentwich
Headquarters : San Francisco (USA) and Tel Aviv (Israel)
Market : agriculture, connected objects, Big data
Competitors: Farmers Business Network, Fruition Sciences
Funding: $ 9 million raised (June 2015)