To Expand Its Digital Agriculture Platform, Agritech xFarm Technologies Nets €17M
Swiss Agritech xFarm technologies banks €17M to expand its digital agriculture platform.
Agriculture sector battling with the impacts of climate change is suffering a lot with extreme heatwaves and droughts. Farmers grappling with disrupted supply chains and soaring input costs are seeing technology as a ray of light.
In recent years, many Ag tech startups have popped up to provide relief to farmers. Such as fieldsense, CODA farm , and Glife etc. Although, increase in the number of startups has also promoted the development of Ag tech apps and platforms thus making the market worth up to $ 41,172.5 million by 2027.
Now one such startup with the pursuit to help farmers with AI called xFarm technologies has secured €17M . In a round led by Swisscom Ventures with the participation of Neva SGR (Intesa Sanpaolo Group), NovaCapital, Grey Silo Ventures and United Ventures.
Farm Technologies CEO Matteo Vanotti on this fresh injection of funds said:
“We are proud to have secured this Series B round and to have Swisscom Ventures and all the other investors by our side. We share a vision to innovate agriculture. xFarm Technologies aims to be a key player in this fast-evolving market to improve the lives of millions of farmers through digitalization, seeking greater efficiency and sustainability.”
As per xFarm, the funds will be utilized by the company to build and improve its platform with new features to help farmers with farm sustainability measures and collaborate with other supply chains such as livestock management.
Via their solution agricultural inputs such as water, fertilizer and plant products can be optimized using decision support systems. Additionally, it will also use the funds to create effective solutions and assist farmers in adapting to climate change.
Headquartered in Switzerland and founded in 2017 by Matteo Vanotti, Martino Poretti, and Salvatore Ferullo. The startup also has global offices in Italy, Spain and now intends to expand in Europe as well as to new markets, including the Americas. Furthermore, the startup uses in-field sensors to give farmers and other agricultural enterprises a dynamic platform. That collects and analyzes data from all over the farm. This data also has information on pest, weed growth, irrigation requirements and financial issues.
In regards to its expansion and clientele, the company claims that its proprietary platform backs and simplifies the work of 110,000 farms- in more than 100 countries globally and 1.5M hectares. The startup is destined to success as of right now it has 70 top-tier players, together with leading agri- food companies.
With an aim to meet its goals of expanding and assisting more farms and supply chains in becoming more systematic and efficient. The startup plans to expand its team from 60 to 80 employees by the end of this year.