by Staff Writer
South Africa’s Internet giant Naspers has plough in $22 million (R306 million) in US-based FarmLogs, the leading data science company that helps farmers unlock valuable insights from their fields to farm more profitably.
The company has invested through its venture capital division, Naspers Ventures.
Other participating existing investors include Drive Capital, Huron River Ventures, Hyde Park Venture Partners, SV Angel and Sam Altman, president of Y Combinator. The funding brings FarmLogs’ total capital raised to $37 million (R515 MILLION).
FarmLogs launched in 2012 out of Silicon Valley’s Y Combinator to transform the oldest and most important industry in the world.
In less than five years, the company has gone from a promising startup to the leading independent provider of technology solutions trusted by over one in three U.S. row crop farms.
Utilizing cutting-edge software, data science and machine-learning technology, FarmLogs offers independent and unbiased information and recommendations that help growers effortlessly and remotely improve field performance, increase yield and eliminate waste. The company currently has over 20 percent of the country’s row crop acres under management.
“Naspers invests in industries around the world where innovation can significantly address big societal needs. FarmLogs is forging a new future for farming that will change the world for the better,” said Mike Katz, head of U.S. investments at Naspers Ventures.
“The FarmLogs team has relentless ambition and we look forward to actively supporting their vision to fundamentally improve global agriculture.”