Israeli agricultural optimization company Agritask has announced the completion of a $26 million funding round led by Liechtenstein Group and in conjunction with Bridges Israel impact investment fund, Smart Agro Fund, as well as existing investors including The Insuresilience Investment Fund. The company will use this new funding to accelerate new product development, expand its sales and marketing network around the world, and recruit talented employees.
Founded in 2010 by serial entrepreneur Israel Fraier, Agritask has developed a SaaS agronomic intelligence (AgI) platform, which provides transparency and information and enables better decision-making throughout the agri-food value chain, primarily focusing on the food and beverages and agricultural insurance. .
With the uncertainties and anxieties caused by climate change, the Agritask platform helps the agricultural industry transform towards predictable and sustainable supply chains and production practices.
In the last two years, Agritask has seen significant growth and adoption by leading food and beverage companies. Brands such as Starbucks and Heineken use Agritask to minimize risk and better predict supply chains, optimize farming operations, and ensure sustainable farming and sourcing practices. Agritask has also partnered with leading agricultural insurance companies, including SCOR, Zurich and MAPFRE, to expand its portfolio of insurance products.
Agritask already monitors more than 50 different crop types on more than 2 million hectares of land in more than 35 countries worldwide. Data captured from sources including a mobile app, remote sensing, weather stations, satellite imagery, sensors, irrigation, and machinery are integrated with more than 70 agronomic systems and enterprise software and fed into a global agronomic data center. Through machine learning combined with in-house agronomic expertise, Agritask provides insights and models for crop growth, yield estimates, and risk assessment that enable its clients to transform agri-food supply chains and promote sustainable farming and sourcing practices.
Agritask CEO Ofir Ardon said: “We are seeing the food and beverage industry spearhead a sea change in the agri-food supply chain, increasing their engagement and support for farmers to move to sustainable and regenerative agriculture. Technology and data play a key role in creating transparency across the agri-food ecosystem and Agritask is uniquely positioned to lead the way.”
Agritask is headquartered in Tel Aviv and employs 70 people worldwide with offices in Brazil and Bulgaria.
Posted by Globes, Israel Business News – es.globes.co.il – on February 3, 2022.
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