Tel Aviv-based precision agriculture startup Taranis has raised a $20 million funding round led by Viola Ventures, with participation from existing investors Finistere Ventures, Vertex Ventures, OurCrowd, Eyal Gura and Gal Yarden. Three strategic investors — Nutrien, Cavallo Ventures (the venture capital arm of Wilbur-Ellis), and Sumitomo Corporation Europe — also joined the round.
Taranis's product is twofold: on one hand, the company claims to have developed a deep learning-powered technology that allows increasing yields by 7.5 by providing better insights into the farming process. On the other hand, it's also patented an aerial imaging solution that can be placed on high-speed UAVs and manned aircraft and provide “more than 500 times more detail than existing monitoring platforms,” Taranis stated in a press release.
“We have already helped thousands of farmers monitor crops for potential hazards,” said Ofir Schlam, CEO and Cofounder of Taranis. “Now we’re looking forward to expanding our footprint around the globe.”
The company plans to use the fresh funding to accelerate its growth in Argentina, Brazil, Russia, and the United States, as well as to expand into Australia.