OneSoil Raises $5M in Series A Funding to Take Its Digital Solutions for Farmers Worldwide
The round was led by international venture fund Almaz Capital with the participation of PortfoLion.
OneSoil, a Swiss company that helps agricultural professionals monitor fields and increase yields, announced today that it has secured $5 million in Series A funding, bringing the total capital raised since the company's founding to $6.7 million. The round was led by international venture fund Almaz Capital with the participation of PortfoLion.
OneSoil builds mobile and web apps that utilize satellite imagery for agricultural analytics and provides field insights for farmers and agricultural consultants at no cost. The company's tools for remote crop monitoring and variable-rate seed and fertilizer application help reduce the time spent on field scouting and save farmers money on inputs.
OneSoil's machine-learning technologies also automatically recognize fields, crops, and other agricultural data using satellite images. OneSoil is used by more than 200,000 farmers and agricultural consultants in more than 180 countries after just 2.5 years on the market. Already, 5% of the world's total arable land (197 mln acres) is covered by OneSoil users. The company provides paid analytics and technological solutions to major agricultural companies, such as BASF and Krone, among others.
OneSoil will use the funds raised in the current series to strengthen its position in Europe and the Americas. "We aim to help farmers make informed decisions for their agricultural operations, reduce input waste, and increase their profits. To do that, we provide digital tools that combine real-time, global-scale satellite imagery processing for the best analytics and insights for our users. We aim to build the biggest digital platform for informed solutions and precision agriculture. To move faster down this path, we will hire tech and marketing professionals in Europe and the CIS, and we're looking for consultants and business partners in the field of agronomy in North and South America," says Slava Mazai, CEO at OneSoil.
"We at Almaz have long believed that new IT technologies can deliver incredible value to farming. Yet, farmers' adoption of new tools has been slow due to the complexity of the products, cost, and a degree of risk aversion among farmers. At least, we thought adoption was slow before we met OneSoil. OneSoil is very popular with farmers; the growth in global usage was so impressive that we decided to invest in OneSoil to help them add even more valuable solutions for farmers," said Pavel Bogdanov, General Partner of Almaz Capital.
Aurel Pasztor, Partner at PortfoLion, commented: "Agriculture is a focus area for us. Population growth and climate change are putting massive pressure on the sector to increase sustainable intensification. We are looking for teams that address these issues with a global approach and solid technological prowess. OneSoil is a unique AgriTech team with a very user-focused approach and global outlook. They proved they could build an app that farmers actually use on all continents. We're excited to help them engage with more customers on a deeper level."