Funding

hexafarms funding news – Agtech Startup hexafarms Raises €1.3 Million in Pre-Seed Funding

May 14, 2024 | By Startup Rise EU

Berlin-based hexafarms, a pioneer in agricultural technology leveraging AI to optimize greenhouses to power the future of food production, raises €1.3 million in pre-seed funding round led by leading European early-stage investors Speedinvest with participation from Mudcake and techstars.

Berlin-based hexafarms, a pioneer in agricultural technology leveraging AI to optimize greenhouses to power the future of food production, raises €1.3 million in pre-seed funding round led by leading European early-stage investors Speedinvest with participation from Mudcake and techstars.

Hexafarms plans to use this new funding to grow its staff of R&D specialists and enhance its AI and machine learning skills.

With this new round of investment, hexafarm has raised over €2.5 million in total. This will allow the firm to expand its crop range while also investing in AI and machine learning skills to improve forecast accuracy.

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Based on publicly available data regarding supported crops and cultivars, Hexafarms presently boasts the largest portfolio in Europe. As of this quarter, the company is processing around 9 million kilogrammes of tomatoes and strawberries.

David Ahmed, Founder and Chief Executive Officer, said: “Although the global agriculture industry plays a fundamental role on a vast scale, it’s dishearteningly under-optimized. Our mission is to revolutionize this landscape. With our constantly evolving AI models, we aim to unlock potential savings of nearly 30% in variable costs and losses. By harnessing the power of algorithms, we can cater to the individual needs of each plant at any scale, surpassing the capabilities of human intervention.“

With 14% of food produced wasted between harvest and retail[1] and around 10–30%[2][3] between seed to harvesting, the global food production ecosystem is now confronting a serious issue that is escalating food insecurity and world hunger.

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A more efficient method of producing food inside, notably in greenhouses, is needed to solve this problem because around half of the fruits and vegetables that are eaten in Western cities are grown indoors[4].

By optimising crop output with AI models that eliminate avoidable losses, hexafarms is taking advantage of the potential afforded by the controlled environment agriculture business, which is expected to reach a value of $100 billion by 2030[5].

Andreas Schwarzenbrunner, Partner with Speedinvest’s Climate Tech & Industrial Tech investment team, commented: “The agricultural sector is in urgent need of innovative solutions to address the pressure from Climate change on commercial food production process and food insecurity. We have strong confidence in hexafarms and cannot wait to see them further develop their AI and machine learning capabilities and expand their team of experts. We are convinced that their app will transform commercial food production through optimisation and digitalisation.”

Anna Ottosson, Founding Partner at Mudcake, added: “Over 9 billion people will need healthy and nutritious food over the next decades. We can only achieve this by increasing the efficiency of our production systems. Using their unique AI-optimized software for commercial greenhouses, hexafarms will help ensure food security for current and future generations. We are proud to back them in that important mission.”

About Hexafarms

Software for indoor commercial food production is developed by Hexafarms, an Ag-Tech startup. In order to continuously monitor, regulate, and optimise vertical indoor farms and greenhouses, their SaaS collects data and applies AI. Giving farmers the tools they need to operate as profitably as possible is their mission.

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