Israeli agricultural pesticide (AgPest) Internet of Things company FieldIn Tech has announced closing a $4 million financing round co-led by Gal Ventures and Germin8 Ventures along with participation of early investors, Terra Ventures. Additional participants in this round include prominent international angels and the Israel Innovation Authority.
FieldIn founder and CEO Boaz Bachar said, “Our AgPest dataset has reached a critical-mass coverage that enables us to provide unique insights on crops, chemicals and geographies. We started our initial activities in Israel and expect to cover over 40 percent of the citrus and vine markets in 2018. Fieldin is rapidly expanding to the US, 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 “The Wonderful Company”, the world’s largest grower of tree nuts. Overseeing nearly 100,000 acres for this company is a significant milestone for us.”
In order to support its rapid growth, Fieldin has secured a strategic partnership with Adama, a global leader in crop protection solutions, 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. It's a strategic asset that should be part of every grower’s fleet”, said Larry Sitzman, GM of Kern Machinery.
Bachar added, “This funding round is an important milestone for FieldIn. We intend to increase our customer base worldwide while enhancing our unique AgPest dataset. This will get us closer to fulfilling our vision: empowering an industry in which all AgPest 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 is disrupting the $65 billion AgPest market utilizing IoT devices connected to its powerful analytics platform, providing growers with unprecedented control over their farming operations, while constructing the largest AgPest dataset in existence. Over the past two years, the company based at Yokneam near Haifa has successfully monitored over 1 million sprayed acres in real-time, to discover that more than 25% of sprays were performed with consequential errors. Moreover, according to publications, over $300B of annual world crops is lost due to problems related to pest and disease control. FieldIn’s innovative technology allows growers, as well as the entire AgPest supply chain (from growers to retailers), to improve yields, decrease costs and dramatically reduce the impact of pesticides on our entire environment.
Published by Globes [online], Israel business news - www.globes-online.com - on January 10, 2018
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