Greenhouse agriculture is a proven solution to sustainable, local, and climate-resilient food production. It produces up to 15 times higher yields without the need for arable land and uses up to 20 times less water versus traditional farming methods. Apparently, the global demand for greenhouse agriculture is on the surge. However, it is hindered by the shortage of experienced growers and unprecedented economic and climate-based challenges.
Resolving this challenge, Source.ag, a Dutch agtech company offers an AI platform that will empower growers globally and optimise the growth of their crops.
Completes Series A round
In a recent development, Source.ag has completed its Series A extension round. The additional funding of $4 million was split equally between SK networks, made through its US investment corporation Hico Capital, and existing investor MIT-affiliated E14 fund, bringing the total investment for this round to $27 million.
Earlier this year, Source.ag announced it had closed $23 million in Series A funding and the company secured a seed funding round of $10 million in 2022. These rounds were led by long term existing investors Astanor Ventures, Acre Venture Partners, and several of the Netherlands’ leading greenhouse operators.
Source.ag will use the fresh funds to accelerate its product development. The company plans to introduce further groundbreaking AI products later this year by supporting greenhouse growers with advice on the optimal way to grow their crops. It will help the company expand its AI to support even more crop types and farming methods and drive a safe, reliable and climate-resilient food production.
Rien Kamman, CEO and co-founder of Source.ag: “We are proud to partner with Dutch master growers to create an AI platform that will empower growers globally and optimize their crops’ growth in the short and long term. We are excited to complete our Series A financing with a final $4M investment from SK networks made through its US investment corporation Hico Capital and the MIT-affiliated E14 fund, and will continue to use these funds to bring ground breaking products to market for growers globally.’’
An official from SK networks stated: “Source.ag has solidified its position as a prominent player in the Netherlands, a pioneering country in smart farming. As a startup with a scalable SaaS model, it holds immense potential for successful expansion into the global market.”
AI-powered indoor farms
Founded in November 2020 by Rien Kamman and Ernst van Bruggen in Amsterdam, Source.ag is developing technology to democratise access to sufficient fruit and vegetables through AI-powered greenhouses.
Source.ag’s advanced AI technology empowers growers worldwide to accelerate their growth and operate their facilities more efficiently, resulting in increased vegetable yields and more sustainable practices. It focuses on the largest global fresh vegetable segments such as tomatoes and peppers, with the ambition to ultimately help all fruit and vegetable growers.
By utilising a digital twin of a greenhouse facility, its technology simulates plant biology and predicts expected resource usage and yield for all weeks. This innovative technology is also tailored to specific cultivars, allowing farmers and cultivators to make informed decisions and maximise their crop yields.