Budapest-based agtech startup, Proofminder, has secured a €400,000 funding round led by Impact Ventures to fuel its global expansion. The startup, which offers a leaf-level farming platform, has established a solid footing in the agtech industry, and this new funding round underscores its ambition to reach a broader audience.
Founded in 2021 by Ambrus Vancso, Norbert Havas, and Levente Simon, Proofminder has developed a platform that offers growers precise and actionable insights at the micro-level of each plant. These insights include assessments of plant stress, stand count, weed detection, nitrogen or weather damage analysis, and precise yield assessment. The startup asserts that its technology enables growers to more accurately estimate, calculate, and improve the visible aspects of their fields throughout the farming season.
Proofminder counts among its clientele companies like MAS Seeds and Bonafarm Group. The company has already covered over 1,000 hectares through its comprehensive monitoring process, involving partners such as drone operators.
Budapest-based venture capital fund Impact Ventures spearheaded the latest funding round. Impact Ventures focuses on investing in and supporting European social SMEs that show strong growth potential. They target companies addressing key areas such as social inclusion, education, employment, health, and environmental sustainability.
With the new funding, Proofminder has set its sights on scaling up its solution and increasing the amount of annually covered arable land tenfold. The company plans to expand its coverage to various plant types, including field crops, orchards, and trees. In addition, Proofminder aims to achieve a tenfold increase in revenue growth, a significant target that underscores the startup’s ambitious expansion strategy.
This investment in the Budapest-based agtech startup signals a growing recognition of the importance of agtech in enhancing efficiency and sustainability in farming practices. By providing valuable insights at a micro level, Proofminder is helping to drive this change, contributing to more sustainable and efficient agricultural practices on a global scale.