SAN FRANCISCO, 16 SEPTEMBER 2022: Ag-tech innovator Agtonomy announced it closed a USD 13.5 million funding round for its cutting-edge software and services.
The multi-billion dollar agriculture tycoon Wilbur-Ellis' venture arm Cavallo Ventures and the South Korean-based Mirae Asset Financial Group's venture capital arm Mirae Asset Venture Investment led the investment. The investment also included participation from Toyota Ventures and David R. Duncan, proprietor, chairman, and CEO of Silver Oak Cellars.
The most recent funding will be used to strengthen the team's strategic capabilities, increase the number of vehicles currently using Agtonomy technology in the fields, and quicken the testing of the service platform intended to address the local agriculture industry's growing skilled labour shortage.
"Agtonomy is on a mission to close the labor gap being experienced by many in the farming community. Farmers face tremendous challenges in a time where skilled labor shortages are contributing to high food prices," said Tim Bucher, CEO and Co-Founder of Agtonomy. "We are thrilled to grow our network of support around Agtonomy and accelerate our impact on the global food chain through this latest round of funding."
Agtonomy provides the majority of farmers worldwide who do not work in "big ag" with sustainable, autonomous equipment that are affordable thanks to its cutting-edge platform. The company will provide instant value to local farmers by advancing skilled labour with technology that automates repetitive workload chores with greater efficiency and precision through partnerships with some of the most reputable names in agricultural OEM equipment.
Brett Morris, Managing Director at Cavallo Ventures, which is the VC arm of Wilbur-Ellis, believes Agtonomy complements the group's investment portfolio, with the agribusiness space representing their largest market.
"We like to invest in emerging and next generation technologies and products that will guide the future of agriculture and couldn't be more excited to partner with Agtonomy, a company doing just that," he said. "The team is made up of both technologists and lifelong farmers, who truly understand the pain points and needs of the customer. It's what makes the team stand out amongst others and what makes us excited to partner with Agtonomy."
"South Korea is a major hub for agricultural equipment manufacturing and innovation. We are always on the lookout for start-ups that are pioneering technology that will evolve agriculture as we know it," said Scott Kim, General Manager of Mirae Asset Venture Investment. "Agtonomy's game-changing technology allows farming operations to automate workloads and increase labor efficiency. We could not be more thrilled to be a partner."
"As a leading Cabernet brand based in Napa Valley, we are always looking to bring the best product to our customers in the most innovative and sustainable way possible." said David R. Duncan, Proprietor, Chairman & CEO of Silver Oak Cellars. "I witnessed a demonstration of what Agtonomy is building and I knew I wanted to be a part of it. This is the future of farming, and I am excited to be working with Agtonomy to bring this technology forward."
With over USD 700 billion in AUM and ownership of the biggest investment bank in South Korea, the Mirae Asset Financial Group is one of the biggest independent financial organisations in Asia.