Farmwise plans to use the funds to support the development of a new weeding implement and extend its technology to row crops farms. Here are the top-line bullets you need to know.
Farmwise, an agricultural robotics company, has raised $45M in a Series B. The round drew participation from Fall Line Capital, Middleland Capital, and Google Ventures, among others.
How’s the company performing?
- California-based Farmwise offers artificial intelligence-powered robots to help farms enhance operational speed and efficiency. The company is focused on the development of its autonomous weeder, Titan, which uproots weeds without chemical use.
- The firm has a database of over 450M crop images collected over the course of 15K+ commercial hours in the field.
- Farmwise has a fleet of 12 operational Titan robots at present.
- It works with some of the largest US commercial farms, including Mission Ranches, Taylor Farms, Ocean Mist Farms, and Dole Fresh Vegetables.
- The company has a team of 70 employees.
Source: Farmwise
Why does the market matter?
- The global agritech market is expected to grow at a CAGR of 11.3% and reach a value of $41.2B by 2027, according to Research and Markets.
- Rising population counts, the increasing incidence of droughts and other events stemming from climate change, and a greater focus on sustainable practices across industries are contributing to market growth.
- The pandemic has emphasized the need to adopt technology across agricultural sectors to help increase yield and support food security.
