Israeli fruit yield estimation company FruitSpec has completed a $4 million financing round from AgVentures, a South African agtech investment company and China's Hubei Forbon Technology. Based in Misgav in northern Israel, FruitSpec is a portfolio company of The Trendlines Group Ltd. (SGX: 42T) (OTCQX: TRNLY).
FruitSpec solves the problem of inaccurate fruit yield estimation from an early stage (especially in green fruit) with its patented hyperspectral and computer vision algorithms. These enable the company to count the number of fruit and to estimate fruit sizes for accurate early season fruit yield estimation. In all recent commercial operations and field trials, FruitSpec demonstrated accuracy rates above 95% with its technology (at an impressive average of 97.3%).
FruitSpec is positioned to have a major impact on the fruit yield estimation market, with a calculated 47 million hectares (116 million acres) of fruit orchards globally standing to gain from these developments. This translates to a $3 billion market potential for FruitSpec, according to company estimates.
FruitSpec CEO Raviv Kula said, "The investment from AgVentures and Forbon is a vote of confidence for the market problem we are solving with FruitSpec's technology. The funding will allow us to expand significantly and broaden our service to our customers, offering them a valuable solution to one of the most urgent issues facing the fruit production chain."
Published by Globes [online], Israel business news - en.globes.co.il - on September 24, 2019
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