Agtonomy Successfully Closes Seed III Funding Round
Agtonomy, a cutting-edge software and service ag-tech start-up, announced the successful closing of another round of funding for a total investment of $13.5 million. The round was led by Cavallo Ventures, the venture arm of multi-billion-dollar agribusiness leader Wilbur-Ellis, and Mirae Asset Venture Investment which is the VC arm of Mirae Asset Financial Group headquartered in South Korea. The Mirae Asset Financial Group is one of the largest independent financial groups in Asia with over $700B in AUM, and owns the largest investment bank in South Korea. Other leading names including Toyota Ventures and David R. Duncan, Proprietor, Chairman & CEO of Silver Oak Cellars, also participated in this round. This latest funding will be used to add strategic depth to the team, expand the fleet of vehicles now operating with Agtonomy technology in the fields, and accelerate trials of the service platform designed to address the growing skilled labor challenges facing local agriculture.
“Agtonomy is on a mission to close the labor gap being experienced by many in the farming community. Farmers face tremendous challenges in a time where skilled labor shortages are contributing to high food prices,” said Tim Bucher, CEO and Co-Founder of Agtonomy. “We are thrilled to grow our network of support around Agtonomy and accelerate our impact on the global food chain through this latest round of funding.”
Through its innovative platform, Agtonomy enables sustainable, autonomous machines that are affordable to the majority of farmers in the world who do not fall in the “big ag” category. By partnering with some of the most trusted names in agricultural OEM equipment, Agtonomy will deliver immediate value to local farmers by leveling up skilled labor with technology that automates repetitive workload tasks with increased efficiency and precision.
Brett Morris, Managing Director at Cavallo Ventures, which is the VC arm of Wilbur-Ellis, believes Agtonomy complements the group’s investment portfolio, with the agribusiness space representing their largest market.
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“We like to invest in emerging and next generation technologies and products that will guide the future of agriculture and couldn’t be more excited to partner with Agtonomy, a company doing just that,” he said. “The team is made up of both technologists and lifelong farmers, who truly understand the pain points and needs of the customer. It’s what makes the team stand out amongst others and what makes us excited to partner with Agtonomy.”
“South Korea is a major hub for agricultural equipment manufacturing and innovation. We are always on the lookout for start-ups that are pioneering technology that will evolve agriculture as we know it,” said Scott Kim, General Manager of Mirae Asset Venture Investment. “Agtonomy’s game-changing technology allows farming operations to automate workloads and increase labor efficiency. We could not be more thrilled to be a partner.”
“As a leading Cabernet brand based in Napa Valley, we are always looking to bring the best product to our customers in the most innovative and sustainable way possible,” said David R. Duncan, Proprietor, Chairman & CEO of Silver Oak Cellars. “I witnessed a demonstration of what Agtonomy is building and I knew I wanted to be a part of it. This is the future of farming, and I am excited to be working with Agtonomy to bring this technology forward.”
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