Ag Growth International (AGI) has invested $21.4 million (US$15 million) into independent agriculture technology company, Farmobile, Inc.
The two companies have entered into a strategic commercial agreement to expand existing collaboration.
AGI will have the right to appoint two directors to the Farmobile board of directors as a result of the investment.
Farmobile provides hardware and software services to collect, organise, analyse and store farm data.
It uses an Internet of Things connected device to stream agronomic and machine data on farm equipment, which can then be turned into electronic field records.
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The company’s revenue is generated from its farmer, agricultural retailer and advisor subscribers, alongside data licensing.
AGI provides farm and commercial solutions and systems for storage, handling, structures, processing, and controls in seed, fertiliser, grain, feed, and food.
AGI CEO, Tim Close, said the investment substantially expands AGI’s technology platform and integrates automated data collection within its IntelliFarms SureTrack farm management and grain exchange platform.
“SureTrack is the only business tool available for farmers that brings together a suite of sensors, from the field to grain bins, to enable complete farm management all integrated with real time field activity data, market leading grain handling, storage and conditioning equipment, and a comprehensive grain exchange that allows farmers to find the best price for their product or to market their product based on the characteristics of their grain,” Close said.
“A powerful combination that now also provides a means for our customers to standardise, control and monetise their data, on their own terms.
“We are very pleased to deepen our relationship with Farmobile as we stay laser focused on delivering market leading solutions for our customers.”