Seed-X announces $10 million Series A funding round to secure the future global food supply by improving the quality of seed and grain lots
Seed-X’s breakthrough image-based technology integrates AI, machine vision and deep-learning algorithms to optimize seed and grain sorting at the single seed and grain level. The company has announced the completion of a Series A fundraising round. This round brings Seed-X's total funding raised to date to $20 million.
The new investment will allow Seed-X to accelerate its development and expand the market reach of its AI-powered seed sorting technology
Seed-X Technologies, a US and Israel-based agri and food tech startup, has announced the completion of a Series A fundraising round led by iAngels and including venture capital funds Neva SGR, a part of Intesa Sanpaolo Group, and Champel Capital.
Seed-X's breakthrough image-based technology integrates AI, machine vision and deep-learning algorithms to optimize seed and grain sorting at the single seed and grain level. Seed-X is significantly increasing the value of seed and grain lots with the world's first AI-powered seed-analysis platform. This round brings Seed-X's total funding raised to date to $20 million.
Seed-X Technologies was founded in 2018 by Moti Shniberg and Sarel Ashkenazy, as part of Nacre Capital, a global venture builder. The Company operates out of California, with offices in the Netherlands and Israel and serves over 50 customers worldwide. Seed-X was recently selected out of hundreds of candidates, to join the RisingFoodStars Network of the European Institute of Innovation, in order to support the development of the company's AI solution for the grain (food) industry. Last year, Nature magazine published the Company's academic review in Scientific reports, validating Seed-X's technology for germination prediction and sorting.
The funding from this round will strengthen the sales and marketing efforts of the Company's commercial solution to upgrade and optimize seed lots. Seed-X also plans to expand collaborations and partnerships towards future solutions for the food industry. In October 2021, Seed-X announced the signing of a collaboration agreement with Petkus, a leading global manufacturer of seed and grain optical processing machines, to develop, manufacture, and distribute next generation sorters powered by Seed-X's proprietary AI technology.
"Our team consists of exceptional AI and deep learning experts, as well as molecular biology scientists. It allows us to aim very high and introduce our first commercial product within a short timeframe," said Mr. Ashkenazi.
"In the midst of a global food crisis, triggered by rising inflation rates, supply chain impediments, and an ongoing war, and given global food production will need to rise 70% by 2050 to satiate future demand, Seed-X is leading the next generation of grain-qualification technology. Their AI-powered seed and grain-analysis platform is helping farmers to reach maximum output potential for each seed. iAngels is proud to partner with the seasoned entrepreneurs dedicated to empowering today's agriculture industry to work more sustainably, productively, and efficiently," adds Shelly Hod Moyal, Founding Partner at iAngels.
"The sustainability of the agriculture supply chain is a crucial issue and it will become increasingly important in the future," says Mario Costantini, CEO and General Manager of Neva SGR. "We decided to invest in Seed-X because it's a very promising investment and a disruptive technology for the Agricultural value chain. Based on artificial intelligence and computer vision, it is able to improve the quality of food and to reduce waste."
The completion of the investment round by Seed-X Technologies is an important milestone and a vote of confidence in the Company's technology and value proposition.
Seed-X is an AI-driven Agri-FoodTech software company revolutionizing seed quality and food safety across the entire seed and grain value chain for the benefit of seed and food companies. Seed-X's proprietary technology, combining computer vision and deep learning analysis capabilities, facilitates a more sustainable & secure food future by addressing new quality attributes at the single seed level and introducing innovative quality control and segmentation capabilities.