Israeli precision agriculture startup Agritask has completed a $8.5 million Series A financing round led by the InsuResilience Investment Fund and co-invested by Barn Investimentos.
Tel Aviv-based Agritask has developed a flexible and integrative data-driven software platform for agronomic management. With "One Platform, One Database" approach, it provides a holistic solution to support real time decision-making. The platform can integrate with over 40 hardware and software data sources, including John Deere, Airbus, IBM and SAP.
Agritask also supports the entire agricultural production process, ranging from soil fertility management, growth monitoring, to harvest logistics. With flexible system architecture, it can adapt to each client’s workflow and chosen technologies, hence offering a seamless adoption experience and tangible benefits from day one. As a result of using Agritask, the company says that clients see sustainable yield increase and cost savings.
Agritask, which was founded in 2010, operates in 20 countries and covers more than 50 crop types. The client base includes farmers, food and beverage companies, agricultural insurers, input providers and governments or developmental organizations. The company serves some of the most prestigious names in the agriculture industry such as General Mills, Suzano, and Bom Jesus.
With the proceeds from the latest financing, Agritask will grow its farmer client base in the Americas, while continuing to expand the regional project and insurance sectors globally. For regional projects, the system enables better monitoring, delivery of agronomic services and risk management. For agricultural insurers, it revolutionizes their ability to perform risk analysis at an unprecedented detail. This allows significant cost reduction, more advanced insurance products and deeper penetration in underserved markets. As a result, Agritask improves the wellbeing of farmers, as well as environmental sustainability and food safety.
Agritask founder Israel Fraier said, "We knew from day one that we need to build an extremely flexible platform that will be able to adjust itself to the clients - and not the other way around. Agritask values and embraces the extensive knowledge of its clients - and integrates their wisdom into the platform. As a side effect, we are also creating the largest library of best practices inside our system."
Agritask CEO Ofir Ardon said, "The data-driven insights generated by our system create an opportunity to build a new generation of precision agronomy tools that we’re only beginning to understand. Our developments include cutting-edge tools in the field of smallholder projects and agricultural insurance. We intend to invest more resources in scientifically leveraging the huge amount of data in our system and given our unique geographic and sector-wide spread - we intend to push the boundaries of data analytics in agriculture."
Published by Globes, Israel business news - en.globes.co.il - on November 5, 2019
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