Agmonitor Inc. announces $1.5M in new private investments provided by SaaS leading expert and multi-generational farmers.
As with the company’s 2016 Seed round, this second round of financing was complemented by a grant of $3M from the California Energy Commission to further develop irrigation scheduling and mobile application features and help underserved farming communities. AgMonitor will present at the EPIC Symposium on October 20 on how to apply technology to help build a water resilient food system.
Said company’s Founder and CEO Olivier Jerphagnon,
“The name change represents the simplicity of our AI platform, which now covers water, energy, and crop management, especially valuable in uncertain times. The platform works well, driving strong results in installations over 100,000 acres on a diversity of crop types.”
Closing this round during the 2020 pandemic was enabled by the company’s reassuring steady growth. It supports the necessary digital transformation that farms and food processors have undergone to increase profits under the constraints of industry uncertainty.
Cannon Michael, a sixth-generation diversified grower from Los Banos, California, said:
“I have seen the AgMonitor team bridge the gap between Silicon Valley’s innovation and efficiency, and the Central Valley’s grower needs and values. They listen and have delivered value consistently in managing our energy costs.”
Vincent Ricchiuti of Enzo Oil, a fourth-generation grower and now food processor in Fresno, California, stated:
“I can’t think of a better partner than AgMonitor. Our organic almond production and our organic olive oil quality have dramatically increased since we selected their water and crop management platform.”
Cannon Michael will join the AgMonitor Board of Directors to represent the farming industry. A veteran from the SaaS industry, Marylou Tyler, will lead the SaaS sales and customer success program.
“Scaling predictable revenue is about engaging your customers in meaningful conversations and delivering great value so that your customers are your best promoters. I was impressed by how the team adapted to the needs of farming.”