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FarmLogs raises $22M in Series C funding
Jan. 16, 2017
FarmLogs
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United StatesFarmLogs, a data science firm that helps farmers unlock valuable insights from their fields to farm more profitably has raised a $22 million Series C round of financing led by Naspers, through Naspers Ventures, with follow-on participation from existing investors Drive Capital, Huron River Ventures, Hyde Park Venture Partners, SV Angel and Sam Altman, president of Y Combinator.
The funding brings FarmLogs’ total capital raised to $37 million. Naspers’ Mike Katz will join the board of directors.
According to Jesse Vollmar, CEO and co-founder of FarmLogs, “We now have even more resources to support our important mission. 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.”
FarmLog sees Naspers Ventures as an incredible partner ready to help them keep the momentum building and continue to tackle huge challenges in agriculture.
FarmLogs launched in 2012 out of Silicon Valley’s Y Combinator to transform the oldest and most important industry in the world. Utilizing cutting-edge software, data science and machine-learning technology, FarmLogs offers independent and unbiased information and recommendations that help growers effortlessly and remotely improve field performance, increase yield and eliminate waste. The company currently has over 20 percent of the country’s row crop acres under management.
FarmLogs helps one in three U.S. farms use technology and data about their fields to grow row crops more profitably. The company’s field monitoring service notifies farmers when it detects yield threats, automatically logs activities, and gives users instant access to field-specific data including rainfall tracking, soil composition maps, GDD accumulation and yield maps.
FarmLogs Standard, FarmLogs Advantage and FarmLogs Prescriptions deliver timely, actionable and unbiased field insights and recommendations that help growers achieve optimal yield, increase field profitability and eliminate waste. FarmLogs is headquartered in Ann Arbor, Michigan, and was founded in 2011 by Jesse Vollmar and Brad Koch.
Source: Techmoran
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