xFarm Technologies Raises Over $17M for Its Platform Made by Farmers for Farmers
There is an app for everything these days, and that includes key industries like agriculture, where companies like xFarm Technologies are looking to make the lives of farmers easier. In fact, xFarms Technologies has a platform that improves efficiency by providing a full range of tools to bring farmers into the world of digital farming, including full integration, decision support, sensors, and precision farming. Learn about the company’s plans with its latest funding in the press release below.
xFarm Technologies, the tech company that supports and simplifies the work of 110,000 farms spread over 1.5 million hectares in more than 100 countries around the world through its proprietary platform, secured one of Europe’s largest Series B funding rounds in the agritech sector, raising €17 million. Its Series A funding round raised €3 million in 2019.
The round was led by Zürich-based Swisscom Ventureswith participation from Neva SGR (Intesa Sanpaolo Group), Emerald Technology Ventures, NovaCapital and Gray Silo Ventures. United Ventureslead investor of round A, also reinvests significantly due to the tech company’s noteworthy achievements over the past two years.
xFarm Technologies intends to use the capital raised to develop and improve its platform with new features aimed at enhancing sustainability performance and working with other supply chains, such as livestock management, through technologies such as Artificial Intelligence (AI). Decision support systems (DSS) enable the optimization of agricultural inputs, such as water, fertilizers and plant protection products; xFarm Technologies will use this new round of funding to develop even more effective solutions and support farmers in adapting to climate change.
The company, headquartered in Switzerland with existing branches in Italy and Spain, aims to expand internationally. It is ready to grow in Europe and expand to new markets, including the Americas. xFarm Technologies works with more than 70 leading players including top agri-food companies and machinery manufacturing groups, and intends to bring such projects to the next level through its international expansion.
In order to achieve its milestones, and to help more farms and supply chains make their work more efficient, xFarm Technologies will scale its team from 60 to 80 employees by the end of this year.
“The strength of xFarm Technologies is its highly innovative nature, which allows us to manage the complex needs of farmers, machinery manufacturers and all the stakeholders in the supply chain through digitalization. Now more than ever it is crucial for farms to simplify processes and make them more efficient to meet growing challenges. – said xFarm Technologies CEO Matteo Vanotti -. We are proud to have secured this Series B round and to have Swisscom Ventures and all the other investors by our side. We share a vision to innovate agriculture. xFarm Technologies aims to be a key player in this fast-evolving market to improve the lives of millions of farmers through digitalization, seeking greater efficiency and sustainability.”
“Digital platforms combined with the internet of things are fundamentally altering farming. The next wave of adoption is creating the foundation for producing more sustainably while coping with the challenges of climate change. – said Alexander Schlaepfer, a partner at Swisscom Ventures and a new member of the xFarm Technologies board -. We were captivated by the profound domain expertise of the founding team, impressed by the quality of customers in the food and agri-machinery sectors that have quickly integrated the product into their operations, and are excited to partner with the company. xFarm Technologies – after Ecorobotics – is our second investment in the smart agriculture domain and underlines Swisscom’s continued commitment to enable the digital transformation of the farming sector towards sustainable production.”
“We’ve decided to invest in xFarm Technologies, a company with an international footprint that combines the aspects of digital transformation with the transition of the agri-food industry towards more sustainable models and in line with ESG principles, elements becoming more and more important for the economy of the future” – said Mario Costantini, CEO of Neva SGR.
The original press release can be found on xFarm’s website.
Spencer Hulse is a news desk editor at Grit Daily News. He covers startups, affiliate, viral, and marketing news.