Augmenta has completed an 8 million dollars Series A funding with the participation of CNH Industrial, manufacturer of agricultural machinery and the impact investor Pymwymic, as well as Marathon VC and Hardware Club.
CNH Industrial is the leader manufacturer of agricultural tractors with trademarks such as those of Case IH, New Holland and Steyr. Pymwymic is a pioneer in investments concerning climate and has one of the best agtech portfolios in Europe.
The new round will help the company achieve its ambitious plans and increase its sales, reinforcing the existing global distribution network of the platform, while further expanding its sales in the USA. Augmenta will also offer new service characteristics through wireless software updates, automating agricultural operations.
The ever increasing population of the world combined with limited food resources poses one of the biggest challenges of our days. The last few years, the poor farming practices ,the over-harvesting, the extreme application of fertilizers and pesticides have resulted in serious consequences for the land, the plants and therefore our health.
Augmenta enables farmers to apply the exact quantity of fertilizers or pesticides needed on every inch of a field, through a multispectral camera which scans the field as the tractor drives through. The platform analyses the crop condition real time, reducing waste of chemicals and fertilizers.
The data collected is analyzed in Augmenta’s web portal offering an overview of farm operations at 4k quality.
Augmenta, founded by George Varvarelis and Dimitris Evangelopoulos, has been supported by Eurobank’s egg acceleration program and it has been one of the first investments of Marathon VC.