Agricultural IoT start-up FieldIn secures $4m funding
January 18, 2018
Israeli start-up FieldIn has completed a $4m funding round. The company connects IoT devices to a data analytics platform to give growers control over their farming operations.
It is also constructing what it claims is the largest agricultural pesticide (ag-pest) dataset in existence.
Over the past two years, FieldIn has monitored more than a million sprayed acres in real time, to discover that over a quarter of sprays were performed with consequential errors. At least $300bn of annual world crops are lost due to problems related to pest and disease control.
FieldIn's technology can allow growers, as well as the entire ag-pest supply chain from growers to retailers, to improve yields, decrease costs and reduce the impact of pesticides on the environment.
"Our ag-pest dataset has reached a critical-mass coverage that enables us to provide unique insights on crops, chemicals and geographies," said Boaz Bachar, founder and CEO of FieldIn. "We started our initial activities in Israel and expect to cover over 40 per cent of the citrus and vine markets in 2018. Fieldin is rapidly expanding to the USA, Europe and Africa, and has landed major contracts with some of the biggest names in the industry. We are especially excited about our recent agreement with Wonderful, the world's largest grower of tree nuts. Overseeing nearly 100,000 acres for this company is a significant milestone for us."
To support its rapid growth, Fieldin has secured a strategic partnership with Adama, a global leader in crop protection, as well as a distribution agreement with Kern Machinery, John Deer's largest distributor in California.
"FieldIn offers growers a unique spray management system that is economical and easy to use," said Larry Sitzman, general manager of Kern Machinery. “It's a strategic asset that should be part of every grower's fleet.”
The $4m funding round was co-led by Gal Ventures and Germin8 Ventures along with participation of early investors Terra Ventures. Additional participants in this round include international angels and the Israel Innovation Authority, formerly the Office of the Chief Scientist of Israel's Ministry of Economy.
"This funding round is an important milestone for FieldIn,” said Bachar. “We intend to increase our customer base worldwide while enhancing our unique ag-pest dataset. This will get us closer to fulfilling our vision: empowering an industry in which all ag-pest activities become data driven, where FieldIn serves as the authoritative data source for the entire supply chain – chemical manufacturers, growers, retailers and, ultimately, consumers."
FieldIn’s data software service provides real-time management of ag-pest usage, patterns and efficacy. Using data analytics and artificial intelligence, it computes geospatial, chemical, biological, weather and other parameters to provide growers the ability to improve yields, adapt to evolving pest resistance and reduce costs.