Israeli digital farming co Phytech raises $23.5m

agriculture  photo: Eyal Izhar

Phytech’s ’PlantBeat’ irrigation management platform is used by 600 major growers on 15,000 farms across the US, Australia, and Israel.

Israeli digital farming automation and data provider Phytec has announced that it has raised $23.5 million from private equity firm Thomas H. Lee Partners, L.P. (THL) including from the THL Automation Fund L.P., and existing anchor investors. THL managing director Josh Bresler has joined the Phytech board of directors as part of the transaction.

Phytech helps farmers harness the power of digital farming in optimizing production and transforming operations by connecting them directly to their plants. With its proprietary technology of vertically integrated internet of things devices, artificial intelligence, and digital platforms, the company’s product focuses on its farmers’ success by ensuring the highest level of service. Constantly sensing, communicating, and analyzing plant demands, Phytech’s solutions provide real-time actionable recommendations to its farmer customers.

Phytech’s ’PlantBeat’ irrigation management platform is used by 600 major growers on 15,000 farms across the US, Australia, and Israel, which are collectively accountable for 30% of global almond production, 35% of US. apple production and 28% of US citrus production. Phytech’s value proposition to farmers centers on improving plant health and longevity, increasing yield quality, avoiding yield loss due to reduction of bi-annual bearing, water savings, labor cost reduction, and reducing emissions pollution.

The company’s irrigation management application assists farmers with daily operational in-field amount and pressure control, as well as in meeting regulatory water conservation demands. Additionally, Phytech’s breakthrough natural plant-based BRIX (high sugars) optimization application assists fruit growers to achieve higher sugar content without chemical or over stressing practices.

Phytech CEO Sarig Duek said, "Farmers are seeing tightening margins, increasing water conservation demands, rising labor costs, and more. Planetary food producing capacity is challenged by climate change, topsoil erosion, water stress, and urbanization. The necessity for farmers to optimize production in meeting global food security needs and demands is clear."

He added, "Listening closely to our customers, this funding will serve primarily to add needed automation capabilities and support our global market expansion. Now, more than ever, we believe that all farmers around the globe should be provided with the opportunity to transform to Plant-Demand production practices, and plan to achieve this goal with the support of our world leading partners."

Weil, Gothsal & Manges and Herzog Fox & Neeman advised THL on the investment. Raz-Dlugin advised Phytech.

Published by Globes, Israel business news - en.globes.co.il - on September 23, 2020

© Copyright of Globes Publisher Itonut (1983) Ltd. 2020

agriculture  photo: Eyal Izhar
agriculture photo: Eyal Izhar
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