Farm automation startup FarmWise Labs announced that it had completed an oversubscribed $45m Series B funding round, led by leading AgTech venture firms Fall Line Capital and Middleland Capital, with participation from GV and Taylor Farms, a grower and processor of leafy greens and fresh vegetables. Existing investors Calibrate Ventures, Playground Global, SVG Ventures, and the venture arm of Wilbur Ellis also participated in the round. To date, FarmWise has raised $65 million in equity. With this round, Clay Mitchell, co-founder and managing director of Fall Line Capital and a fifth-generation Iowa farmer, joins the FarmWise board of directors.
"We started FarmWise with the conviction that farmers should be supplied with cost-effective, sustainable solutions to feed a growing world, and artificial intelligence is the ideal technology to make this a reality," said Sebastien Boyer, co-founder, and CEO of FarmWise. "With rising costs in the agricultural industry, we're continuing to expand our technology to work with many more farmers."
The FarmWise system mechanically removes individual weeds with sub-inch precision. Leveraging a fleet of automated weeders, the company has been operating as a custom service provider to large vegetable farms across California and Arizona for three commercial seasons, increasing revenues threefold year over year. After 15,000 commercial hours, FarmWise has enriched its plant database with over 450 million scanned images of individual crops.
"Over the past two years, it has been exciting to watch FarmWise establish itself as a reliable solutions partner to many in our industry," says Ted Taylor, head of new ventures and business development at Taylor Farms. "We are thrilled to be supporting FarmWise as a customer and now investor as they move into the future."
With supply chain disruptions and rising global inflation, farmers are expected to face an increase in agricultural input costs. According to Purdue University, 60% of U.S. producers who took part in a recent survey said they expected input prices to rise by 30% over the next 12 months. FarmWise is also already working with thirty different farms to alleviate the rising production costs in the industry.
"We decided to invest in FarmWise because we believe that the technology the team has brought to market can unlock significant savings for producers in and beyond the vegetable market at a time when it's most needed," said Clay Mitchel, co-founder and managing director of Fall Line Capital.
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