Source.ag has completed its Series A extension financing. The additional funding of $4M was split between SK networks, made through its US investment corporation Hico Capital, and existing investor MIT-affiliated E14 fund, bringing the total investment for this round to $27M.
Earlier this year, Source.ag announced it had closed $23 million in its Series A funding round led by long-term existing investors Astanor Ventures, Acre Venture Partners, and several of the Netherlands' leading greenhouse operators.
By partnering with some of the best growers in the world, Source.ag is driving safe, reliable, and climate-resilient food production on a global scale. Greenhouse agriculture is a proven solution to sustainable, local, and climate-resilient food production: it produces up to 15 times higher yields without the need for arable land and uses up to 20 times less water than traditional farming methods.
Source.ag's advanced AI technology empowers growers worldwide to accelerate their growth and operate their facilities more efficiently, resulting in increased vegetable yields and more sustainable practices. Source.ag focuses on the largest global fresh vegetable segments, such as tomatoes and peppers, with the ambition to ultimately help all fruit and vegetable growers.
Source.ag will use the latest funds to accelerate its product development. The company plans to introduce further groundbreaking AI products later this year by supporting greenhouse growers with advice on the optimal way to grow their crops. By utilizing a digital twin of a greenhouse facility, Source Cultivate is able to simulate plant biology and predict expected resource usage and yield for all weeks. This innovative technology is also tailored to specific cultivars, allowing farmers and cultivators to make informed decisions and maximize their crop yields. The new funding will also help Source.ag expand its AI to support even more crop types and farming methods.
An official from SK network's stated: "Source.ag has solidified its position as a prominent player in the Netherlands, a pioneering country in smart farming. As a startup with a scalable SaaS model, it holds immense potential for successful expansion into the global market."
Rien Kamman, CEO and co-founder of Source.ag: "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 optimize their crops' growth in the short and long term. 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 we will continue to use these funds to bring groundbreaking products to market for growers globally."
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