Israeli precision agriculture and smart farming company SupPlant announced the completion of a $27 million financing round on Monday.
The round was led by Red Dot Capital Partners with participation from Menomadin Foundation, Smart-Agro Fund, Mivtah Shamir, Deshpande Foundation, PBFS, and Maor Investments.
The company has raised more than $46 million to date.
The round comes as farmers around the world are dealing with the current global warming and climate crisis, which brings unpredicted climate changes and the constant lack of irrigation water.
The agriculture firm, founded in 2015, aims to address the impact of global warming worldwide on smallholder farmers and is designed for the world’s 450 million small growers, as 76 percent of farmers grow crops on less than 2 hectares.
SupPlant has developed autonomous irrigation based on IoT. The company has created an AI-enabled sensor placed in soil and on plants that informs farmers exactly when and how much to water based on an algorithm that calculates plant needs, soil moisture, climate conditions.
The system offers low-cost irrigation solutions without the necessity of larger capital investments in hardware on the ground, allowing small growers to benefit from an adaptable irrigation strategy, the company indicates. SupPlant’s technology aims to address the impact of global warming worldwide on smallholder farmers and is designed for the world’s 450 million small growers.