Israeli precision agriculture and smart farming company SupPlant has announced the completion of a $27 million financing round, led by Red Dot Capital Partners with participation from Menomadin Foundation, Smart-Agro Fund, Mivtah Shamir, Deshpande Foundation, PBFS and Maor Investments. This brings to more than $46 million, the total amount raised by SupPlant.
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SupPlant’s technology enables farmers to improve yields, productivity and water use efficiency on a large scale and become less vulnerable to volatile weather conditions. The technology combines data collected from soil, plant, and weather sensors to understand and identify the main parameters affecting the optimal performance of plants. Combining and analyzing all the data, in real time, using intelligent algorithms, SupPlant provides a precise irrigation plan and recommendations on daily and weekly bases to maximize crops and budget.
Based in Afula, the company recently launched an API product, a sensor-less technology, which has already assisted 500,000 female maize farmers in Kenya, over their last growing season. SupPlant’s technology enables smallholder farmers change their irrigation methods. In 2022, SupPlant is aiming for over 1 million smallholders in Africa and India to be utilizing its technology.
SupPlant has taken advantage of the Abraham Accords and geopolitical changes in the region to open new markets over the last year in the UAE and Morocco.
SupPlant CEO Ori Ben Ner said, “The funds raised in this round will allow us to invest in our new markets and open other markets as well. We also plan to continue to develop our sensor-less API product in order to help 98% of the farmers in the world fight climate change.”
SupPlant’s API product is based on SupPlant’s database, which has accumulated data gathered from 32 crops in 14 countries, covering growing conditions from dry arid regions of the Middle East, to tropical conditions in central America. The sensors are placed on the plants and their surroundings which transmit the plant’s data to the cloud. The data is translated through the use of artificial intelligence and big data to irrigation models, recommendations and actionable insights.
Published by Globes, Israel business news – en.globes.co.il – on March 14, 2022.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2022.
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