1 JUNE 2022, SALINAS, CALIFORNIA – Farm automation startup FarmWise Labs, Inc. has raised US $45 million in a Series B fundraising round headed by Fall Line Capital and Middleland Capital, with participation from GV and Taylor Farms, a renowned grower and processor of leafy greens and fresh vegetables.
Calibrate Ventures, Playground Global, SVG Ventures, and Wilbur Ellis’ venture arm were the existing investors in the round. FarmWise has raised US $65 million in equity to date. Clay Mitchell, a fifth-generation Iowa farmer, and co-founder and managing director of Fall Line Capital, joins the FarmWise board of directors as part of this round.
What the founder has to say:
Sebastien Boyer, co-founder and CEO of FarmWise:
“FarmWise was formed on the conviction that farmers should be given cost-effective, long-term solutions to feed a growing world, and that artificial intelligence is the right technology for the job. As the agricultural industry’s costs climb, we’re continuing to develop our technology to work with even more farmers.”
What the investors have to say:
Clay Mitchel, co-founder and managing director of Fall Line Capital:
“We invested in FarmWise because we believe the technology the team has developed can unleash huge savings for producers in and outside of the vegetable market
when it’s most needed.”
Ted Taylor, head of new ventures and business development at Taylor Farms:
“It’s been great to witness FarmWise grow itself as a trusted solutions partner to many in our sector over the last two years. We’re excited to continue to support FarmWise as a customer and now an investor as they grow.”
About the company:
FarmWise creates innovative tools to improve farm operations and increase food production efficiency for vegetable growers facing rising costs and new regulatory challenges. Titan, FarmWise’s initial product, is an AI and robotics-powered automated mechanical weeder. It distinguishes between crops and weeds, uprooting the latter with centimeter precision and without chemicals.
FarmWise is speeding up the development of a vegetable weeding implement that will establish a new benchmark for farm robotics in terms of reliability and versatility, solidifying FarmWise’s position as the leading provider of robotics solutions for vegetable growers. This fresh capital will enable the company to service a larger number of farmers in the vegetable market, as well as begin developing capabilities for its technology to be utilized on row crop farms, which are also facing resource constraints.
The company has been functioning as a specialized service supplier to major vegetable farms across California and Arizona for three commercial seasons, boosting revenues threefold year over year, thanks to a fleet of automated weeders. FarmWise has added over 450 million scanned photos of individual crops to its plant database after 15,000 commercial hours.
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