Athens-based Augmenta announces $600k seed investment

Athens-based Augmenta announces $600k seed investment

Augmenta, a developer of next-generation, fully automated precision applications for agriculture, announces the completion of a $600k seed investment by Marathon Venture Capital.

Based in Athens, Greece and Texas, Augmenta's software and plug-n-play device scans and analyses crops as the tractor moves across the field. The device utilizes deep learning algorithms to control the fertilizer spreader or sprayer to apply only the required amount of fertilizer, pesticide or fungicide exactly where it is needed.

While fertilizers can account for up to 25% of a farmer's input costs, their application is far from optimized. Broadcast, or uniform distribution methods can result in overapplication, leaving fertilizer available for weeds. Precision solutions can boost production and quality at a reduced cost. To do this, Augmenta’s ISOBUS-compliant device collects close-range, 4K video data ensuring inputs are applied as precisely as possible. Studies conducted by the University of Thessaly found Augmenta’s technology increased yields by 12% and improved protein levels by 15%, while using 13% less chemicals than traditional methods.

Augmenta may also improve crop production over time. Using data collected by the Augmenta system, farmers can track crop progress in Augmenta's web application to optimize the performance of each farm.

George Varvarelis, Augmenta's co-founder and CEO, stated: “We founded Augmenta with a clear vision in mind; to help fellow farmers leverage the latest technologies to perform better and worry less. We are excited by the enthusiastic market reception so far, and we look forward to getting Augmenta in the hands of more farmers in Europe and the US.” Several pilot projects have been completed on various crops in Europe, including cereals grown for Barilla, the Italian food producer.

George Tziralis, Partner at Marathon Venture Capital, added: “Augmenta uses a farmer's tool of the trade, their tractor, to analyze the field with unprecedented precision and act on it without the hassle. We are inspired by the elegance of the plug-and-play solution and are happy to be part of Augmenta's journey.” Marathon's investment in Augmenta derives from their seed fund, and follows recent investments in InAccel and Cube RM. Augmenta is Marathon's first inverstment in agtech.

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