Israeli agricultural tech startup Prospera has raised a Series B round of $15 million led by Qualcomm Ventures with participation from Cisco Investments, Israeli Cleantech Ventures, and Bessemer Venture Partners.
Employing data analytics and AI, Prospera provides tools for farmers to manage and monitor their crop yields.
Productivity is not keeping up with crop demand and the agriculture industry has been slow to embrace data analytics, said Prospera CEO Daniel Koppel, but is starting to close the gap. The food and agribusiness market is worth $5 trillion globally.
“We’re excited to lead this paradigm shift. We help our customers surf the tide of digitalization, and become connected, agile, and data-driven businesses that can more efficiently meet the ever-increasing demand for their produce under constantly changing market conditions,” he said.
“Digitizing farm production will be essential to meeting the challenges of feeding a rapidly growing population, with ever increasing demands for quality and reliability,” added Adam Fisher partners at Bessemer Venture Partners, an early investor in the company. “We are excited to work with Prospera’s team as they continue to expand their leadership in the space.”
Prospera raised $7 million last year and has now raised $22 million in funding to date.