.png)
The tech company targeting the digitization of the agribusiness sector is leading a series B round among the largest in size in Europe in the area of Farm Management Information Systems (FMIS)
Lugano, August 5, 2022 - xFarm Technologies, the tech company that through its digital platform supports and simplifies the work of 110 thousand farms spread over 1.5 million hectares in more than 100 countries around the world, is the protagonist of a €17 million Series B round among the largest in size at the European level in the agritech sector, following the first one of €3 million received in 2019.
The new round is led by international tech investment funds: Swisscom Ventures as lead investor, with participation from Neva SGR (Intesa Sanpaolo Group), Emerald Technology Ventures, NovaCapital e Grey Silo Ventures. Also significantly reinvests United Ventures, Lead investor of round A, which renews confidence due to the tech company's significant achievements over the past two years.
Thanks to the capital raised, xFarm Technologies intends to develop and improve its platform with new features, leveraging technologies such as Artificial Intelligence, aimed both at ensuring greater control of sustainability and also at increasingly better supporting other supply chains, such as livestock management. Technological solutions that aim to meet the new demands imposed by climate change. Through decision support systems (DSS), it is already possible to optimize the use of agronomic inputs, such as water, fertilizer and plant protection products. With the new funds, the company aims to develop even more impactful solutions on this front.
Not only that: the tech company, which already has offices in Switzerland, Italy and Spain, is aiming forinternationalization and is ready to explore new markets, consolidating its presence in Europe and expanding its reach, in the future, to America as well. Expansion that also aims to extend its already active projects with more than 70 large companies, including agribusinesses and other major groups operating in the production of agricultural machinery.
To prepare to reach these ambitious goals, and to help more farms and supply chains in streamlining their work with the right technologies, xFarm Technologies by the end of the year will supplement its team with 20 new resources, for a total of 80 employees.
"The strength of xFarm Technologies is its distinct innovative nature that enables it to manage the complexity of the needs of farmers, machinery manufacturers and all stakeholders in the supply chain through digital. Today, more than ever, it is crucial for farms to simplify and make processes more efficient in order to cope with the challenges that increasingly affect the sector - comments Matteo Vanotti, CEO of xFarm Technologies. - We are proud of the results obtained with this second round, and proud to have at our side Swisscom Ventures and all the other investors, with whom we share our vision and approach to innovate agriculture. It is a rapidly evolving market, in which xFarm Technologies wants to play a leading role to improve, through digitization, the lives of thousands of farmers, with a view to greater efficiency and sustainability."
"Digital platforms combined with IoT are profoundly changing agriculture. Indeed, the adoption of these new technologies is laying the foundation for producing more sustainably and addressing the challenges of climate change - says Alexander Schlaepfer, partner at Swisscom Ventures and new board member of xFarm Technologies - We were impressed by the experience of the founders and the quality of the customers, which is why we are excited to partner with the company. It is impressive how quickly stakeholders in the agribusiness and agricultural machinery manufacturing sectors have quickly integrated xFarm Technologies' services into their businesses. This, after Ecorobotics, is our second investment in smart farming and underscores Swisscom's continued commitment to enabling agriculture's digital transition to sustainable production."
"We have decided to invest in xFarm Technologies, a company with an international footprint that combines aspects of digital transformation with the transition of the agribusiness sector to more sustainable models and in line with ESG principles, elements that are increasingly prominent in the economy of the future."- says Mario Costantini, CEO of Neva SGR.
.svg)
