Funding Round New Technology In Agriculture

FarmDroid Secures $11.33M to Accelerate Global Expansion

FarmDroid raised $11.33 million in funding led by Convent Capital, with participation from EIFO and Navus Ventures. AgriTech News, AgTech news, Agriculture news,
Image provided by FarmDroid.

Key Takeaways:

  • FarmDroid raised $11.33 million in funding led by Convent Capital, with participation from EIFO and Navus Ventures.
  • The investment will support the global expansion of FarmDroid’s autonomous, solar-powered robots.
  • The robots offer sustainable solutions for sowing, weeding, and precision spraying, reducing reliance on chemicals and manual labor.
  • FarmDroid has over 500 robots deployed, with a goal to reach 1,000 robots in the near future.

Reshaping the Future of Agriculture with Autonomous Technology

FarmDroid, the pioneering company in solar-powered autonomous agricultural robots, has secured a $11.33 million investment to accelerate its global growth. The funding round was led by Convent Capital, with participation from EIFO and Navus Ventures, providing a total of nearly $11.33 million (DKK 80 million). FarmDroid’s innovative robot is designed to sow seeds, remove weeds, and reduce the need for chemical inputs, now equipped with a new micro spray system for precision spraying. Powered entirely by solar energy, the robot operates autonomously in the field, enhancing the efficiency and sustainability of both organic and conventional farming.

Addressing Key Challenges in Modern Agriculture

FarmDroid’s technology addresses several major challenges facing modern agriculture, including the need to reduce chemical inputs, lower operational costs, and decrease reliance on manual labor. The company’s versatile robot offers a sustainable alternative to traditional methods, capable of sowing, mechanical weeding, and precision spraying. By using solar energy, the robot operates continuously, helping farmers reduce pesticide use by up to 100%, promoting eco-friendly practices, and preserving soil health.

Strengthening FarmDroid’s Position in the Market

With over 500 robots currently in operation, the investment from Convent Capital, EIFO, and Navus Ventures will enable FarmDroid to scale its impact globally. René Jannick Jørgensen, CEO of FarmDroid, expressed excitement over the new partnership, stating, “This investment will strengthen FarmDroid’s position and provide opportunities to expand the use of agricultural robots, contributing to both sustainable and economically attractive solutions for the farming industry.”

FarmDroid’s founders, Jens and Kristian Warming, emphasized the importance of finding the right partners to support the company’s growth journey. “With Convent Capital, Navus Ventures, and EIFO on board, we are geared for the next steps. Having surpassed 500 robots, the next milestone is 1,000,” they said.

Positive Environmental and Economic Impact

FarmDroid’s expansion aligns with the goals of the investors to support innovative solutions that drive the green transition in agriculture. Steven Bernaert, Principal at Convent Capital, praised FarmDroid for its simplicity and effectiveness, noting that the robots reduce chemical inputs while increasing crop yields. Caroline Søeborg Ahlefeldt, Investment Manager at EIFO, added, “FarmDroid fits perfectly into our strategy of supporting the green transition with innovative solutions.” Eduard Meijer, Managing Director at Navus Ventures, highlighted FarmDroid’s leading role in robotisation of arable farming, citing the technology’s proven success in the field.

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