U.S. based FarmLogs has raised $22 million bringing its total to $37 million. Welcome precision agriculture!
PRESS RELEASE
ANN ARBOR, Mich. – FarmLogs, the leading data science company that helps farmers unlock valuable insights from their fields to farm more profitably, today announced it has raised a $22 million Series C round of financing. The round was led by new FarmLogs investor, Naspers, through Naspers Ventures, and includes 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.
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FarmLogs is the leading independent provider of technology solutions for U.S. row crop farms. On a mission to create a better future for farming, FarmLogs helps one in three U.S. farms use technology and data about their fields to grow row crops more profitably. The company’s powerful, yet simple-to-use 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. To learn more, visit farmlogs.com.
“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,” said Jesse Vollmar, CEO and co-founder of FarmLogs. “We’re gaining an incredible partner with Naspers Ventures and we’re thrilled to have the support of world-class investors as we 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. In less than five years, the company has gone from a promising startup to the leading independent provider of technology solutions trusted by over one in three U.S. row crop farms. 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.
“Naspers invests in industries around the world where innovation can significantly address big societal needs. FarmLogs is forging a new future for farming that will change the world for the better,” said Mike Katz, head of U.S. investments at Naspers Ventures. “The FarmLogs team has relentless ambition and we look forward to actively supporting their vision to fundamentally improve global agriculture.”
