FarmLogs, an Ann Arbor, MI-based digital farm management platform provider, raised $22m in Series C funding.
The round was led by new investor Naspers (NPN.SJ) (LSE: NPSN), through Naspers Ventures, woth follow-on participation from existing investors Drive Capital, Huron River Ventures, Hyde Park Venture Partners, SV Angel and Sam Altman, president of Y Combinator. In conjunction with the funding, Naspers’ Mike Katz will join FarmLogs’ board of directors.
The company, which has raised $37m in total capital, will use the funds to further grow its team and to accelerate product innovation.
Founded in 2011 by Jesse Vollmar, CEO, and Brad Koch, Backend Engineer, and launched in 2012 out of Silicon Valley’s Y Combinator, FarmLogs leverages software, data science and machine-learning technology to offer independent information and recommendations for growers to remotely improve field performance, increase yield and eliminate waste.
The company’s field monitoring service notifies farmers when it detects yield threats, automatically logs activities, and gives users instant access to field-specific data including rainfall tracking, soil composition maps, GDD accumulation and yield maps.
FarmLogs says it currently has over 20% of the country’s row crop acres under management.