In a successful Series A extension financing, the leading artificial intelligence provider for greenhouse growers has announced the completion of the transaction. 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.
Source.ag announced earlier this year that it had closed a $23 million Series A financing round led by long-term existing investors Astanor Ventures, Acre Venture Partners, and several leading greenhouse operators in the Netherlands.
As a global food production leader, Source.ag works with some of the best growers to ensure food production is safe, reliable, and climate-resilient. With greenhouse agriculture, you can produce up to 15 times more food with less arable land, and you can use up to 20 times less water than with traditional farming methods. This is a proven solution to sustainable, local, and climate-resilient food production.
Using Source.ag's advanced AI technology, growers are able to accelerate their growth and operate their facilities more efficiently, resulting in improved vegetable yields and more sustainable practices. In order to help all fruit and vegetable growers, Source.ag focuses on the biggest global segments in fresh vegetables, including tomatoes and peppers.
Source.ag will use its latest funds to fuel product development and introduce revolutionary AI products this year, geared towards helping greenhouse growers produce the best possible crops. Source Cultivate is designed to utilize a digital twin of a greenhouse facility to simulate plant biology and forecast resource consumption, yields, and more- all tailored to specific cultivars. With this cutting-edge technology, farmers and cultivators are able to make informed decisions and optimize their harvests. Additionally, these funds will enable the expansion of Source.ag's AI for an even broader range of crop types and farming methods.
A SK networks official 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, is pleased to announce their recent partnership with Dutch master growers for the purpose of creating an AI platform that will help foster the growth of greenhouse agriculture globally. This development has been made possible due to a final $4M investment from SK networks, Hico Capital and E14 fund - all three of which have direct connections to MIT. Their aim is now to use these funds in order to develop products that will benefit all growers across the world.