Source.ag, an Amsterdam, Netherlands-based AI provider for greenhouse growers, secured an additional $4 million in Series A funding, brings the total investment for the Series A round to $27 million.
The company has received $2 million in additional funding from SK networks, through its US investment corporation, Hico Capital, and a further $2 million from existing investor MIT-affiliated E14 fund.
The recently raised funds will be utilized to expedite product development at Source.ag. The company plans to introduce groundbreaking AI products later in the year, aiding greenhouse growers with expert advice on optimal crop cultivation.
The new funding will also support Source.ag's expansion of AI capabilities to encompass more crop types and farming methods.
Earlier this year, Source.ag had already closed $23 million in its Series A funding round. The company aims to promote safe, reliable, and climate-resilient food production on a global scale by partnering with top growers worldwide.
Source.ag initially focuses on major global fresh vegetable segments like tomatoes and peppers but aspires to assist fruit and vegetable growers across the board.
Rien Kamman, CEO and co-founder of Source.ag: "The global demand for greenhouse agriculture is rising, but its growth is being hindered by the shortage of experienced growers and unprecedented economic and climate-based challenges. We are proud to partner with Dutch master growers to create an AI platform that will empower growers globally and optimize their crops' growth in the short and long term. We are excited to complete our Series A financing with a final $4M investment from SK networks made through its US investment corporation Hico Capital and the MIT-affiliated E14 fund, and will continue to use these funds to bring groundbreaking products to market for growers globally.’’
Company: Source.ag B.V
Raised: $4.0M
Round: Series A
Funding Month: June 2023
Lead Investors:
Additional Investors: SK networks and MIT-affiliated E14 fund
Company Website: https://source.ag/
Software Category: AI-powered Greenhouses
About the Company: Founded in 2020 by Rien Kamman and Ernst van Bruggen, Source.ag is developing technology to democratize access to sufficient fruit and vegetables through AI-powered greenhouses. The company's advanced AI technology empowers growers to enhance their operations, leading to increased vegetable yields and more sustainable practices. Their proprietary algorithms simulate plant behavior to define and execute optimal cultivation strategies, taking into account millions of data points on climate, biology, and resources. By enabling more growers to operate more facilities more efficiently through pioneering tech, Source is making greenhouse agriculture accessible, profitable, and globally scalable.
Source: https://source.ag/news/source-ag-receives-continued-investment-to-empower-growers-with-ai