Israeli precision agriculture startup Agritask has completed a US$8.5mn Series A financing round, led by the InsuResilience Investment Fund and co-invested by Barn Investimentos
The InsuResilience Investment Fund was set up on behalf of the German government by KfW and is managed by Swiss-based impact investment manager BlueOrchard Finance. Barn Investimentos is a Brazilian early-stage VC Investor focusing on high growth companies in ag-tech and in other industries.
Tel Aviv-based Agritask has developed a flexible and integrative data-driven software platform for agronomic management. With “One Platform, One Database” approach, it aims to provide a holistic solution to support real-time decision-making.
Agritask’s agronomic management software platform serves farmers and other stakeholders in the ecosystem, covering 20 countries worldwide and more than 50 crop types. Agritask will use the proceeds to enhance its data analytics features and expand its customer reach, including smallholder projects and the agricultural insurance sector.
Agritask, which was founded in 2010, is currently active in 20 countries worldwide and covers more than 50 crop types. The client base includes farmers alongside 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 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 unprecedented detail.
The vast volume of agronomic data accumulated in Agritask’s platform will lead to the development of new techniques for optimizing crop growth models and agro-economic decisions, benefiting large farmers and smallholders all over the world.
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.”