Agtonomy – a leading software and services company specializing in advanced autonomous and AI solutions for agriculture – recently announced it has secured $22.5 million in a Series A funding round. The funding round was led by Momenta, with strategic partners including Doosan Bobcat North America and Toyota Ventures.
This is the fifteenth company receiving investment from Momenta’s Digital Industry Fund III (powered by Advantech, the world leader in digital industrial solutions). And Agtonomy will invest the funds to expand its customer pilot program and accelerate the development of its innovative offerings, driving forward the digital transformation in agriculture.
By 2050, the United Nations Food and Agriculture Organization predicts that we will have to produce 60% more food on a smaller land just to feed a growing global population of 9.3 billion. And at the same time, the U.S. Bureau of Labor Statistics expects employment of agricultural workers to increase by just 2% from 2020 to 2030, slower than the average for all other occupations. The skilled labor crisis and the growing impact of climate change compound the challenges for farmers and, more broadly, land maintenance operations.
KEY QUOTES:
“Agtonomy’s technology is built to be embedded in equipment and implements, upskilling available labor. By collaborating with established OEMs, we fast-track our sustainable technology to market, delivering essential solutions to address the pressing challenges of labor shortages and climate change for farmers and land maintenance operators.”
- Tim Bucher, Co-Founder and CEO of Agtonomy
“Agtonomy is at the intersection of AI, Autonomy and Agriculture, a perfect storm of opportunity in our Industrial Impact investment focus. With their leading autonomy stack, they provide an essential solution for top-tier OEMs, like Doosan Bobcat.”
- Michael Dolbec, Momenta’s Managing Partner
“We are pleased to support this investment in Agtonomy. Our leading role in edge and mobile computing gives us a deep appreciation for the engineering challenge of autonomous mobility solutions in environments such as agriculture. We look forward to collaborating with Agtonomy and co-creating with them and selected partners to help them scale in this critical space.”
- Jerry O’Gorman, VP at Advantech IIOT division
