The round was led by Kernel Capital, which invested €200k through the Bank of Ireland Seed and Early Stage Equity Fund, with participation from Glanbia, Enterprise Ireland and a syndicate of New Zealand-based investors.
The company intends to use the funds to bring its Grassometer to market by Q4 2013.
Led by Steven Lock, CEO, and Jerrold C Manock, lead designer, Monford Ag Systems develops the Grassometer, a device designed to aid farmers by measuring and recording agricutural data. Measurements will be linked to a Data Network allowing farmers and corporate customers to share the collected Data, benchmark performance, and improve their efficiency and profitability.
The device is currently on trial with farmers on 20 farms in Ireland, New Zealand, America and the UK.
Monford’s technology is based on R&D undertaken in Trinity College Dublin.
The company has a wholly-owned subsidiary in the UK.