AgTech Start-up Farmobile Announces Investment from AGI
Farmobile Inc. (“Farmobile”), the independent farm data company, today announced that Ag Growth International Inc. (“AGI”) (TSX: AFN) has agreed to be the lead investor in their latest investment round. The monies will be used to fuel growth to reach farmers worldwide, and drive the collection of agdata to inform decisions in the field and create value-added revenue streams for farmers. Farmobile and AGI, also, have entered into a Strategic Commercial Agreement to expand collaboration and integration between the companies.
Data is among the most valuable commodities a farm produces, and has value both on the farm and across the industry from lenders to reinsurance companies to technology to chemical and seed companies. In order to supply the world’s food infrastructure, AGI recognizes the need for data to drive insight and power decisions.
Farmobile builds foundational technology for the future of agriculture, enabling farmers and channel partners to collect, share and monetize data. The company specializes in collecting second-by-second agronomic and machine data points across mixed fleets. Unlocking that information from machines and fields means investing in technology that will move the entire industry forward.
“Since their founding, AGI has been instrumental to the agriculture industry, connecting the global infrastructure through technology, equipment and products to help feed the world,” said Jason Tatge, CEO of Farmobile. “In a precision ag world, data is a crucial system of record for every pass on a field, which quickly turns into a system of orchestration to enable better in-field management decisions. AGI understands that, so we are thrilled to have a partner and investor like AGI as we continue on our mission to help unlock the full potential of data in agriculture.”
Since launching its data collection device (Farmobile PUC) in 2014, Farmobile has collected more point-by-point farm data, including detailed agronomic data for planting, harvesting, foraging, spraying, and spreading; field data (boundaries, variety, and crop type); and location data, from more sources than anyone else in the industry.
The Farmobile DataEngine℠ platform turns this raw data into its own unique standardized, visual Electronic Field Records (EFRs) making it easy to gain insights, share with trusted advisors and power decision-making. Built on top of the Farmobile DataEngine platform, the Farmobile DataStore℠ exchange is the first to digitally connect farmers with data buyers who can leverage this high-quality, layered, ground-truthed farm data in their business decisions.
“Agriculture is evolving faster than ever before, and data is at the core of the progress we have made and the progress we will make in years to come,” said Tim Close, President and CEO of AGI. “The power of a company like Farmobile is that they enable access to insights that have previously been locked inside of machines or left in the field due to the challenge of data collection and transfer. As a company that has been serving agriculture for decades, we recognize the power of that information to help make decisions when they matter most.”
Hennepin Partners acted as Farmobile’s exclusive financial advisor in connection with the transaction.
To learn more about AGI, please visit: www.aggrowth.com
To learn more about Farmobile, please visit: www.farmobile.com
To learn more about Hennepin Partners, visit www.hennepinpartners.com.
Farmobile — The Independent Farm Data Company℠ — builds foundational technology for the future of agriculture. Farmobile enables farmers and channel partners to collect, share and monetize data.
Agriculture doesn’t use a standard data format. Farmobile does. We specialize in collecting second-by-second agronomic and machine data points across mixed fleets. The Farmobile DataEngine℠ platform turns raw data into its own unique standardized, visual Electronic Field Records (EFRs) making it easy to gain insights, share with trusted advisors and power decision-making.
Data is among the most valuable commodities a farm produces and farmers should benefit from it. The Farmobile DataStore℠ exchange is the first to digitally connect farmers with data buyers. Based in Leawood, KS, Farmobile proudly resides in the heart of the Midwest.
About Hennepin Partners
Hennepin Partners is a boutique investment bank that provides M&A advisory services, capital raising and strategic advice to entrepreneurs, private equity firms and corporations. It serves clients globally across a range of sectors including agriculture, industrial products and services, business services, consumer, technology and software, distribution, retail and healthcare.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
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