Amsterdam-based Source.ag, an agtech startup that claims to accelerate access to fresh fruit and vegetables with AI-powered greenhouses, announced on Wednesday, June 7, that it has secured an additional $4M (approximately €3.73M) in its Series A extension round of funding.
Source.ag received $2M from SK networks through its US investment corporation Hico Capital, and a further $2M from existing investor MIT-affiliated E14 fund.
This investment brings the company’s total raised Series A capital to $27M.
Co-founder Rien Kamman says, “We are excited to complete our Series A financing with a final $4M investment from SK networks made through its US investment corporation Hico Capital and the MIT-affiliated E14 fund, and will continue to use these funds to bring ground-breaking products to market for growers globally.”
Earlier this year, the firm reported that it had secured a $23M Series A funding led by existing investors Astanor Ventures, Acre Venture Partners, and many of the Netherlands’ biggest greenhouse operators.
“Empowering greenhouse growers with AI”
Founded in 2020 by Kamman and Ernst van Bruggen, Source.ag believes that greenhouse agriculture is an answer to safer, reliable and climate-resilient food production.
Therefore, it is developing technology to democratise access to sufficient fruit and vegetables through AI-powered greenhouses.
According to the company, greenhouse agriculture generates up to 15 times more yields without the need for arable land and consumes up to 20 times less water. It is a proven option for local, sustainable, and climate-resilient food production.
Source.ag is advancing greenhouse agriculture by utilising advanced technology to empower more producers to run more facilities profitably and making them internationally scalable.
The company uses millions of data points on climate, biology, and resources to build and implement optimal production plans using their in-house developed algorithms that simulate plant behaviour. They want to feed more people healthy meals while utilising less resources.
The world’s top farmers have teamed up with Source.ag to create an advanced artificial intelligence for the agricultural industry. The team includes skilled engineers and plant experts.
Kamman says, “The global demand for greenhouse agriculture is rising, but its growth is being hindered by the shortage of experienced growers and unprecedented economic and climate-based challenges.”
“We are proud to partner with Dutch master growers to create an AI platform that will empower growers globally and optimise their crops’ growth in the short and long term,” Kamman adds.
Capital utilisation
Source.ag says it will use the money to accelerate its product development. Later this year, the company plans to further advance AI technology by assisting greenhouse producers with guidance on how to grow their crops most effectively.
The company’s product, Source Cultivate, is able to mimic plant biology and forecast anticipated resource use and production for every week by using a “Digital Twin” of a greenhouse operation.
Farmers and cultivators can make educated decisions and increase crop yields thanks to this technology, which is also customised to certain varieties.
The additional money will also assist Source.ag in developing AI to support even more crop varieties and agricultural practices.
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