Amsterdam-based Source.ag said it has received $23 million in series A funding, closing out the round to bring its lifetime total to $35 million.
Source.ag develops AI to assist greenhouse farm owners. The AI is able to simulate cultivation within the land constraints of greenhouse plantations to boost yields per acre and ensure water supplies are used effectively.
Source.ag's first product, dubbed Source Track, launched last year with a further two product launches, Source Cultivate and Source Control, set for 2023.
Initially Source.ai has focused on select vegetable crops, including peppers and tomatoes, but following the series A round it expects to add more variants and farming methods.
Crops in greenhouses grow because sunbeams simmer within the glass interiors causing photosynthesis to intensify.
Source.ag says using them more often would be a sustainable alternative for food supply chains given 46% of the surface area of Earth habitats is used as arable farm grounds.
Roughly 70% of freshwater withdrawals go to producing food, Source.ag said, while greenhouses expend 5% of the same water supplies.
The series A round was led by agrifood investor Astanor Ventures with additional investments from Acre Venture Partners and multiple Dutch greenhouse operators, who were not named in the press announcement.
Arnout Dijkhuizen, Astanor investment principal, said: "We are extremely happy to continue our support of Source.ag.
"We have been genuinely impressed with the team’s mission and accomplishments since our Seed investment last year."
"Focusing truly on where tech meets nature, Source.ag has succeeded where many have said it was impossible: cracking standardisation, data gathering and plant phenotyping with AI models that can simulate plant biology and help to optimize photosynthesis."
Source.ag was founded in 2020 by Ernst van Bruggen and Rien Kamman, who serves as CEO. Kamman commented: "I am continually blown away by the expertise and craftsmanship of the growers we work with.
"“They are true “plant masters” who put healthy fruits and veggies on our plates by growing tasty fresh produce in a highly effective way, using only very few resources. However, to feed our planet’s growing population in a durable, resource efficient and healthy manner, we need to do more and put the power of AI into the hands of growers worldwide."
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