SK Networks, a global investor in the sustainability sector, has announced a $2 million investment in Source.ag, a Dutch startup that leverages artificial intelligence (AI) to empower farmers worldwide. The investment was made through SK networks’ US investment corporation, Hico Capital, as part of Source.ag’s Series A funding round, which raised $27 million.
Source.ag, based in the Netherlands, is revolutionizing access to fruit and vegetables by providing AI tools to growers. The company has already demonstrated its prowess in product commercialization. It has formed strategic partnerships with industry leaders such as Priva, Ridder, Agro Care, and Rainbow Growers Group in the indoor agricultural technology sector.
The startup has developed the first-ever AI model that generates optimized farming methods and outcomes for agricultural operations. Its AI solutions provide valuable recommendations on ideal planting schedules, strategic pruning techniques, optimal growth environments, and appropriate harvest timings. The system also delivers precise predictions regarding expected yields and profits, enabling farmers to increase their operating profits through cost reduction and production capacity expansion.
In the second half of 2023, Source.ag plans to launch its ‘Source Cultivate’ module. This technology uses a digital twin of a greenhouse facility to simulate plant biology and predict expected resource usage and yield for all weeks. The technology is tailored to specific cultivars, allowing farmers to make informed decisions and maximize crop yields. Source.ag is also developing programs for workforce management and disease prevention, aiming to improve labor efficiency, conserve water resources, and reduce chemical usage.
SK Networks decided to invest in Source.ag after recognizing the startup’s potential to enhance the long-term sustainability of the agricultural sector and the substantial growth prospects in the smart farm market. “Source.ag has solidified its position as a prominent player in the Netherlands, a pioneering country in smart farming. As a startup with a scalable SaaS model, it holds immense potential for successful expansion into the global market,” said an official from SK Networks.
Rien Kamman, CEO and co-founder of Source.ag expressed excitement about SK networks’ support. “We are on a mission to feed our planet’s growing population in a durable, resource-efficient, and healthy manner and will use these funds to accelerate our research and introduce new products that will empower growers worldwide to grow more healthy food, for more people, in a safe, reliable and climate-resilient way.”
This investment follows SK Networks’ previous investment in the self-driving agricultural machinery company ‘Sabanto.’ The company plans to refine its investment portfolio further, prioritizing sustainability, digital transformation (DT), and Web3 while focusing on agricultural technology, including smart farms.
Image provided by Source.Ag