Source.ag receives investment to support growers with AI
Source.ag, AI provider for greenhouse growers, announced the successful completion of its Series A extension financing. The additional funding of $ 4M was split between SK networks, made through its US investment corporation Hico Capital, and existing investor MIT-affiliated E14 fund, bringing the total investment for this round to $ 27M.
Earlier this year, Source.ag announced it had closed $ 23 million in its Series A funding round led by long term existing investors Astanor Ventures, Acre Venture Partners, and several of the Netherlands’ leading greenhouse operators.
Greenhouse agriculture is a proven solution to sustainable, local, and climate-resilient food production: it produces up to 15 times higher yields without the need for arable land and uses up to 20 times less water versus traditional farming methods. Source.ag focuses on the largest global fresh vegetable segments such as tomatoes and peppers, with the ambition to ultimately help all fruit and vegetable growers.
More AI products
Source.ag plans to introduce more AI products later this year by supporting greenhouse growers with advice on the optimal way to grow their crops. By utilizing a digital twin of a greenhouse facility, Source Cultivate is able to simulate plant biology and predict expected resource usage and yield for all weeks. This technology is also tailored to specific cultivars, allowing farmers and cultivators to make informed decisions and maximize their crop yields. The new funding will also help Source.ag expand its AI to support even more crop types and farming methods.
Rien Kamman, CEO and co-founder of Source.ag: “The global demand for greenhouse agriculture is rising, but its growth is being hindered by the shortage of experienced growers and unprecedented economic and climate-based challenges. We are proud to partner with Dutch master growers to create an AI platform that will empower growers globally and optimize their crops’ growth in the short and long term.”
