Iron Ox plans to use the funds to further its mission of making agriculture carbon-negative worldwide. Here are the top-line bullets you need to know.
Iron Ox, a developer of automated robot farms, has raised $53M in a Series C. The round drew participation from Breakthrough Energy Ventures, Crosslink Capital, and R7 Partners, among others.
How’s the company performing?
- California-based Iron Ox develops produce in proprietary greenhouses using robotics, AI, and plant science in order to address environmental issues commonly associated with agriculture.
- The company reportedly generates 30x times more produce per acre and uses 90% less water than traditional farms.
- Iron Ox operates in Northern California and has recently initiated farming in an indoor facility in Texas.
Source: Iron Ox
Why does the market matter?
- The global agritech market is projected to grow at a CAGR of 11.3% and reach a value of $41.17B by 2027, according to The Insight Partners.
- Rising population counts, more frequent occurrences 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.
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