xFarm Technologies secures investment of 17 million euros
08 August 2022 08:56
xFarm Technologies has secured investment totaling 17 million euros after successfully closing a Series B financing round. The round was led by the Zurich-based Swisscom Ventures, with Emerald Technology Ventures, likewise based in Zurich, and a total of four Italian venture capital firms - Neva SGR, NovaCapital, Grey Silo Ventures and United Ventures - also involved in the process. According to a press release issued by xFarm Technologies, this is one of the largest Series B financing rounds ever carried out by a European company in the area of Farm Management Information Systems (FMIS).
The start-up from Manno in the canton of Ticino has developed a digital platform for agricultural enterprises that aims to support the transition to digital applications. Among other aspects, the platform facilitates the collection and analysis of data in addition to the traceability of agricultural products.
With this fresh capital injection, xFarm Technologies will set about enhancing its platform. For example, the company will seek to increase the focus on sustainability and leverage the benefits of Artificial Intelligence (AI) in additional areas. Among other aspects, the platform should support users in their efforts to optimize the use of agricultural resources including water, fertilizers and pesticides.
Moreover, the recently raised capital should help to drive international growth, with the company setting its sights on expanding across Europe as well as into North, Central and South America. At present, xFarm Technologies operates branches in Italy and Spain alongside its headquarters in the canton of Ticino.