Source.ag, the leading artificial intelligence (AI) provider for greenhouse growers, has closed $23 million in its Series A funding round, bringing the company’s total funding to $35 million in just under two years. Source.ag launched its first commercial products in the summer of 2022 and will use the new funds to introduce two new groundbreaking AI products that will drive safe, reliable and climate-resilient food production by supporting greenhouse growers with advice on the optimal way to grow their crops. The Dutch company has increased by tenfold the number of users of its products in just 12 months, partnering with the world’s leading growers to help increase vegetable yields in the face of the growing energy and climate crises.
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With the global demand for greenhouse agriculture rising, Source.ag will empower growers worldwide to accelerate their growth and operate facilities more efficiently. Greenhouse agriculture is a proven solution to sustainable, local, and climate-resilient food production: it produces up to 15 times higher yields without the need for arable land and uses up to 20 times less water versus traditional farming methods. Today, 70% of global freshwater withdrawals are used for food production, and 46% of the planet’s habitable land is used for agriculture. With the global population growing to an estimated 9.7B by 2050, resource efficient farming methods need to be scaled up globally to meet the demand for healthy food in a sustainable manner. Source.ag’s cutting edge AI platform empowers more growers to operate more acres in more locations more efficiently, thereby accelerating the global adoption of greenhouse agriculture.
The Series A funding round is led by Astanor Ventures and includes investments from Acre Venture Partners, and several of the Netherlands’ leading greenhouse operators. Upholding the trillion-dollar potential of the fresh produce industry, the new investment will see Source.ag enable growers to operate at optimized efficiency using its pioneering AI technology to track and improve cultivations.Source.ag focuses on the largest global fresh vegetable segments such as tomatoes and peppers, with the ambition to ultimately help all fruit and vegetable growers. After the successful commercial launch and implementation of its first product, Source Track, the company will be launching two new products in 2023.
SOURCE: PRWeb