AgTech Used by Walmart Farms Receives $7 Million Investment
Ag-tech firm Prospera today said it has received a $7 million investment that it will use to bring artificial intelligence to agriculture.
Farms that supply some of the largest grocery retailers in the US and Europe, including Walmart, Tesco, Sainsburys and Aldi, use Prospera’s technology, the company says.
Bessemer Venture Partners led the series A investment.
Ag-tech including artificial intelligence is increasingly integrating with precision agriculture to help farmers increase yields and minimize natural resource use, according to a recent report by Lux Research.
Prospera’s products use in-field cameras and climatic sensors to provide remote agronomy and management solutions to farmers. This technology provides real-time crop analysis from a leaf-by-leaf basis to a multi-field, multi-crop basis, allowing farmers to tackle underperforming fields caused by pests, disease, irrigation, nutrient deficiencies and sub-optimal agro-technical activities.
The company says its technology can make agriculture more efficient and sustainable, enabling farmers to decrease wasted crops and ensure water, pesticides and fertilizers are used only as required.
“Prospera is propelling agriculture growing practices towards greater autonomy, with protocols that optimize workforce, irrigation, fertilization and spraying,” Daniel Koppel, CEO and co-founder told Environmental Leader. “Growing practices will be measured more accurately in terms of understanding ROI, benchmarking and optimization. This means that farmers who are accustomed to making decisions based on instinct will be able to look to data-based solutions to optimize every aspect of their business and deliver the maximum potential and freshest produce to the grocery store every harvest.”
Earlier this month Bayer and DuPont announced a new $15 million ag-tech accelerator fund to make agriculture more productive and sustainable. The two companies partnered with ag-tech venture capital firm Finistere Ventures, Cloud Break Advisors to launch the fund, called Radicle.
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