Amsterdam, 24/05/2018 -
Led by the deep tech-focused venture firm Sistema_VC, 7percent Ventures, AgFunder, AceCap and industry veteran Henk Bles have joined the Series A round of €2.5million at an undisclosed valuation.
“Here at Sistema_VC we believe that Connecterra have not only the vision to be front-runners of the AgTech world, but the dynamic product (Ida) and an innovative team to back it up. With machine learning tools Connecterra directly impacts the efficiency in the farming and reveals the potential not limited to the dairy industry”, says Dmitry Filatov, Managing Partner at Sistema_VC.
Connecterra was also awarded a significant grant of €1.7million as part of the SME instrument Phase 2 of the Horizon 2020 program from the European Innovation Commission.
Breed Reply, the specialist early-stage IoT investor, Elias Tabet and MENA Ventures, which invested in the previous round, have also participated in funding the company in this round bringing the round total to €4.2M for Connecterra.
“We are thrilled to bring on board a team of investors that shares our vision for a future where Artificial Intelligence will work with farmers to grow food sustainably. With this funding round, we expect to accelerate our traction, establish a presence in new markets and grow our talent to support our rapid growth.” – Yasir Khokhar, CEO, Connecterra.
Co-Founder and CTO, Saad Ansari added: “We’ve seen massive improvement of our AI capability as we bring more farms online and we are excited to share the next set of product updates in the months to come”.
Connecterra found industry recognition in early 2015 with their flagship AI, Ida, the Intelligent Dairy Farmers Assistant. Ida is an artificial intelligence powered service that leverages sensor data ‘from the field’ into meaningful insights and recommendations that are used by dairy farmers to operate a productive and efficient farm. Ida is currently available in Europe and North America. Customers of the Ida platform include large and small farmers, global dairy processor Danone among other large industry leaders in the processing, feed and additives businesses.
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We innovate for a purpose. Connecterra exists to give people a previously impossible understanding of the world around them so they can make more productive, humane and sustainable use of Earth’s natural resources. We use machine learning to turn raw data into insight-driven efficiencies for the benefit of people, companies, and the natural habitats in which they operate.
[Full press release available here]