Trapview, a Solvenia-based insect monitoring, and forecasting platform, has secured €10M in a Series B financing round from European Circular Bioeconomy Fund (ECBF), Demeter and Pymwymic.
The company will use the funds to accelerate commercialising its digital insect monitoring and forecasting solutions in Brazil, Europe (starting with France, Italy, and Spain), and the USA.
Trapview promotes the transition to more sustainable farming practices by reducing pesticides and protecting biodiversity and consumers’ health. The investment also aligns with the EU Green Deal objective of reducing farm pesticide usage by 50% by 2030.
AI-powered pest control
Developed by the Slovenian company EFOS, Trapview is an AI-powered platform for monitoring and forecasting pest insect populations.
“Modern, sustainable insect crop protection is almost impossible without accurate, reliable, and up-to-date data about pest population and development. Trapview is recognised as the world’s most advanced and complete solution in this space. I’m excited that such renowned and experienced investors participating in our Series B round share our vision and support our ambitions to become a global leader in the segments we are in”, says Matej Stefancic, CEO and co-founder of EFOS.
The company’s automated traps send real-time data to farmers about the pest situation in their fields and use artificial intelligence to analyse and predict the development of pest dynamics.
Farmers can then make informed and timely crop protection measures in a targeted manner instead of spraying entire crops with pesticides preventively.
Trapview says it gives farmers the possibility to work more sustainably and efficiently at the same time as significantly reducing production costs by reducing pesticide usage.
The automated trap monitors over 50 insect species in specialty and row crops worldwide.
Currently, the solutions are present in more than 40 countries worldwide, and crops range from tomatoes in Brazil and almonds in California to vines in Italy and salad greens in France and Spain.
ECBF’s investment
Founded in 2020, ECBF invests in deep-tech companies that support the transition towards a more sustainable and bio-based economy. With this new investment, the impact fund aims to help farmers grow healthier food and supports more sustainable agricultural practices. ECBF has invested in various European companies before, including Biosyntia, Elicit Plant and more.
Stéphane Roussel, Partner at ECBF, comments: “With thousands of AI-powered pest control solutions deployed in the field, Trapview offers the world’s leading platform for remote insect monitoring and forecasting. In recent years, despite COVID, Trapview has gained significant momentum with farmers and value chain partners in Latin America, Europe, and other regions. Our investment will give Trapview the resources to accelerate international expansion and meet the growing demand for its automated traps and software solutions.”
