Agricultural analytics startup FarmLogs harvests $10M to expand field operations
FarmLogs Inc. has raised $10 million in a second round of funding to expand its cloud-based analytics service aimed at everyday ranchers. The startup is one of the newest in the crop of new players to take on the mission of bringing analytics to farming in recent years.
More established names are also entering the the field, including enterprise technology stalwarts such as IBM and Intel Corp., which made headlines in June after pulling the curtains back on a collaboration with UC Davis to tap water management data for more efficient irrigation. That’s also one of the priorities that FarmLogs focuses on with its service, which aggregates weather information to save farmers the hassle of driving to their properties after every rainfall and check their gauges.
Additionally, the Y Combinator-backed startup harvests sensory data to provide soil maps that it says can help yield more informed decisions on crop management and cultivate conservation. FarmLogs also offers to help users to put that insight to use with built-in administrative functionality that encompasses everything from planning seed budgets based on price fluctuations to optimizing inventory. Rounding out the package is a set of collaboration features that makes it easier to share data within co-ops as well as update other relevant parties such as service providers and landlords.
One of the main appeals behind the service, which is accessible from both the web and mobile devices, is that it’s available for free. That has enabled FarmLog to gain a lot of ground since hitting the scene in 2012, attracting 15 percent of US farmers with over 100 acres, a staggering figure that adds up to billions of dollars worth of crops falling directly under its management. And it’s showing no sign of stopping.
The new funding is meant to accelerate that momentum and help the team monetize its success. FarmLog is planning to use the new capital to double its staff of 20 in the first half of next year as it prepares to add commercial features, a roadmap suggesting that many of the new hires will be developers. The investment saw the participation of SV Angel and Y Combinator president Sam Altma along with existing backers Drive Capital, Huron River Ventures and Hyde Park Venture Partners, which led a $4 million round in the startup earlier this year.
Photo via Pixabay
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