Israeli precision agriculture startup Agritask secures $8.5M in ag-insurance oriented financing round led by the InsuResilience Investment Fund
Agritask will use the proceeds to enhance its data analytics features and expand its customer reach, including smallholder projects and the agricultural insurance sector
-Agritask's agronomic management software platform serves farmers and other stakeholders in the ecosystem, covering 20 countries worldwide and more than 50 crop types
Israeli precision agriculture startup Agritask, which has been operating in bootstrap mode till recently, has completed an $8.5M Series A financing round, led by the InsuResilience Investment Fund and co-invested by Barn Investimentos. The InsuResilience Investment Fund was set up on behalf of the German government by KfW and is managed by Swiss-based impact investment manager BlueOrchard Finance. Barn Investimentos is a Brazilian early stage VC Investor focusing on high growth companies in ag-tech and in other industries.
Tel Aviv based Agritask has developed a flexible and integrative data-driven software platform for agronomic management. With "One Platform, One Database" approach, it provides a holistic solution to support real time decision-making. The platform can integrate with over 40 hardware and software data sources, including John Deere, Airbus, IBM and SAP. Furthermore, Agritask supports the entire agricultural production process, ranging from soil fertility management, growth monitoring, to harvest logistics. With flexible system architecture, it can adapt to each client's workflow and chosen technologies, hence offering a seamless adoption experience and tangible benefits from day one. As a result of using Agritask, clients see sustainable yield increase and cost savings.
Agritask, which was founded in 2010, is currently active in 20 countries worldwide and covers more than 50 crop types. The client base includes farmers alongside food and beverage companies, agricultural insurers, input providers and governments or developmental organizations. The company serves some of the most prestigious names in the agriculture industry such as General Mills, Suzano, and Bom Jesus.
With proceeds from the latest financing, Agritask will grow its farmer client base in the Americas, while continuing to expand the regional project and insurance sectors globally. For regional projects, the system enables better monitoring, delivery of agronomic services and risk management. For agricultural insurers, it revolutionizes their ability to perform risk analysis at an unprecedented detail. This allows significant cost reduction, more advanced insurance products and deeper penetration in underserved markets. As a result, Agritask improves the wellbeing of farmers, as well as environmental sustainability and food safety.
The vast volume of agronomic data accumulated in Agritask's platform will lead to the development of new techniques for optimizing crop growth models and agro-economic decisions, benefiting large farmers and smallholders all over the world.
Agritask founder Israel Fraier said: "We knew from day one that we need to build an extremely flexible platform that will be able to adjust itself to the clients - and not the other way around. Agritask values and embraces the extensive knowledge of its clients - and integrates their wisdom into the platform. As a side effect, we are also creating the largest library of best practices inside our system."
Agritask CEO Ofir Ardon said: "The data-driven insights generated by our system create an opportunity to build a new generation of precision agronomy tools that we're only beginning to understand. Our developments include cutting-edge tools in the field of smallholder projects and agricultural insurance. We intend to invest more resources in scientifically leveraging the huge amount of data in our system and given our unique geographic and sector-wide spread - we intend to push the boundaries of data analytics in agriculture."
To learn more, please visit Agritask's website: https://www.agritask.com/