Augmenta raises $8m in Series A round led by CNH Industrial

#News(AgriTech) [ via IoTGroup ]

“We firmly believe that the only way to really impact the farming ecosystem and in turn the world is by offering products and services to all farmers regardless of their size color of their equipment or region. Beyond leading Augmenta’s Series A CNH Industrial brings with it the experience and expertise the startup needs to commercialize its products at scale – as well as offering global manufacturing logistics and distribution capabilities Varvarelis added. According to Varvarelis it has helped farmers to automate their in-season nitrogen plant growth regulator and harvest aid applications — leading to average savings of 9% 15% and 20% respectively — in over 800 fields with a consistent yield increase of 2% compared to traditional practices. “Our biggest achievement in my opinion is that we are providing a consistent RoI of one to two years to even the small and medium-sized farmers that are using agtech for the first time with Augmenta ” he said. Buying the hardware — at a retail price of around $12 000 — gives farmers unlimited access to Augmenta Basic the startup’s monitoring platform that can create canopy health maps prescription maps and a few other types of analytics. These premium services cost in the range of $1 to $4 per ‘unique acre’ per year (“‘unique acres’ mean that the farmer pays the same price whether they do one or 10 passes in the same field ” Varvarelis explained.) Larger farms running into the thousands of acres can get a discount. So a US farmer looking to apply nitrogen to their 1 000 acres of cotton crop would pay $12 000 for the Augmenta hardware plus $2.50 per 1 000 unique acres according to Varvarelis. “With current result averages the same farmer would net $20 000 the very first year through only our nitrogen service which means a positive RoI within the first year ” he claimed. [And by] buying the hardware the farmer has access to our future services as well – like green-on-brown pesticide spraying which will be available in 2022

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