Athens-based agritech start-up Augmenta announced it has been acquired by CNH Industrial for $110 million. CNH Industrial is going to continue to invest Augmenta's team and is going to turn Athens into a CNH Industrial innovation hub.
The CNH Industrial is a global leader in agriculture and construction equipment, technology and services, with a house of brands that includes the iconic Case IH, New Holland Agriculture and Steyr. It had previously led Augmenta's Series A round of $8 million.
Dimitris Evangelopoulos and George Varvarelis met in engineering school, with their agricultural background they spotted a need for a more efficient fertilising system for crop management - together with Katerina Karakoula and Dimitris Akridas that's exactly what they did.
The Augmenta system utilises high-definition cameras to scan every inch of the field as the tractor drives through it, then performs machine vision to identify each plant's status, and controls the sprayer to apply the precise amount of chemicals required on every inch.