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Ag Growth Inc. makes $15 million investment in Farmobileqrcode

Jul. 19, 2019

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Jul. 19, 2019
Ag Growth International Inc. (TSX: AFN) ("AGI" or the "Company") recently announced it has agreed to make a minority equity investment of US$15M in Farmobile, Inc. ("Farmobile"), with funding expected to occur on July 17, 2019. AGI and Farmobile have also entered into a Strategic Commercial Agreement to expand the existing collaboration between the two companies. AGI has the right to appoint two directors to the Farmobile board of directors as a result of this investment.

Farmobile, headquartered in Leawood, Kansas, is an independent agriculture technology company. Farmobile provides hardware and software services for the real-time collection, organization, analysis, and storage of farm data.

The Farmobile PUC IoT device collects and streams second-by-second geo-tagged agronomic and machine data on every pass of the field from farm equipment of most makes and models.

This data is converted into standardized Electronic Field Records which can be viewed via desktop or mobile, shared with trusted advisors, and monetized through its digital marketplace, the Farmobile DataStore exchange. The automatically collected data is used as a system of record for as-applied, as-planted and as-harvested data records. The company's revenue is generated from Farmobile PUC subscriptions to farmers, ag retailers and trusted advisors, and data licensing.

"Our investment in Farmobile substantially expands our technology platform and integrates automated data collection seamlessly within our IntelliFarms SureTrack farm management and grain exchange platform," said Tim Close, CEO of AGI.

"SureTrack is the only business tool available for farmers that brings together a suite of sensors, from the field to grain bins, to enable complete farm management all integrated with real time field activity data, market leading grain handling, storage and conditioning equipment, and a comprehensive grain exchange that allows farmers to find the best price for their product or to market their product based on the characteristics of their grain.

"A powerful combination that now also provides a means for our customers to standardize, control and monetize their data, on their own terms. We are very pleased to deepen our relationship with Farmobile as we stay laser focused on delivering market leading solutions for our customers."

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