Swiss Agritech Startup xFarm Technologies Raises €17M to Assist Farmers via AI

Switzerland-based xFarm Technologies, a startup that focuses on the development of SaaS solutions for agriculture, announced August 5 that it has raised €17M in a Series B round of funding, according to Silicon Canals.

xFarm claims that this is one of Europe’s largest Series B funding rounds in the agritech sector. Prior to this round, the company raised €3M in a Series A round in 2019.

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The investment was led by Zurich-based Swisscom Ventures, with participation from Neva SGR (Intesa Sanpaolo Group), Emerald Technology Ventures, NovaCapital, and Grey Silo Ventures. xFarm’s lead investor of the Series A round, United Ventures, also participated in the round.

Alexander Schlaepfer, a partner at Swisscom Ventures and a new member of xFarm’s board, says, “Digital platforms combined with the internet of things are fundamentally altering farming. The next wave of adoption is creating the foundation for producing more sustainably while coping with the challenges of climate change. We were captivated by the profound domain expertise of the founding team, impressed by the quality of customers in the food and agri-machinery sectors that have quickly integrated the product into their operations, and are excited to partner with the company.”

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xFarm says that it will use the funds to build and enhance its platform with new features to help farmers with sustainability measures on the farm and collaborate with other supply chains, such as livestock management, through technology like artificial intelligence (AI). Using decision support systems (DSS), agricultural inputs such as water, fertilizer, and plant protection products can be optimized.

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