Israeli agricultural optimization company Agritask has announced the completion of a $26 million funding round led by Liechtenstein Group and joined by Bridges Israel impact investment fund, Smart Agro Fund, as well as existing investors including The Insuresilience Investment Fund. The company will use this new funding to accelerate development of new products, expand its sales and marketing network worldwide and hire talented employees.
Founded in 2010 by serial entrepreneur Israel Fraier, Agritask has developed a SaaS agronomic intelligence (AgI) platform, which provides transparency and insights and allows better decision making across the agri-food value chain, focusing primarily on the food and beverage and agriculture insurance industries.
With the uncertainties and anxieties being caused by climate change, Agritask's platform assists the agricultural industry in transforming towards predictable and sustainable supply chains and production practices.
In the past two years Agritask has seen significant growth and adoption by leading food and beverage companies. Brands such as Starbucks and Heineken use Agritask to minimize risk and better predict supply chains, optimize farming operations, and ensure sustainable farming and sourcing practices. Agritask has also partnered with leading ag-insurance companies including SCOR, Zurich and MAPFRE to extend their portfolio of insurance products.
Agritask already monitors over 50 different crop types across more than 2 million hectares of land in over 35 countries worldwide. Data captured from sources including a mobile app, remote sensing, weather stations, satellite imagery, sensors, irrigation, and machinery integrates with over 70 agronomic systems and enterprise software and feeds into a global agronomic data hub. Through machine learning combined with in house agronomic expertise, Agritask offers insights and models for crop growth, yield estimations and risk assessment enabling their customers to transform agri-food supply chains and promote sustainable farming and sourcing practices.
Agritask CEO Ofir Ardon said, "We are seeing the food and beverage industry spearheading a radical change in the agri-food supply chain, increasing their engagement with and support of farmers to move to sustainable and regenerative agriculture. Technology and data play a key role in creating transparencies across the agri-food ecosystem and Agritask is in a unique position to lead the way."
Agritask is headquartered in Tel Aviv and employs 70 people worldwide with offices in Brazil and Bulgaria.
Published by Globes, Israel business news - en.globes.co.il - on February 3, 2022.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2022.