Naspers leads R253m funding in agritech start-up Aerobotics
Aerobotics has raised $17 million (R253 million) in an oversubscribed Series B round.
This was led by Naspers, with significant participation from Platform Investment Partners, FMO: Entrepreneurial Development Bank and Cathay AfricInvest Innovation.
Founded in Cape Town, Aerobotics has quickly scaled its mission to provide customers with intelligent tools to feed the world, says the company in a statement.
It notes that Aerobotics’s data is widely used for the certainty it brings to farming and food security, as the global agricultural industry stretches to meet expected population growth and food demand.
Aerobotics has experienced record growth in the last few years, it notes, adding that in the US alone, the company’s revenue has grown in excess of an order of magnitude.
The Series B investment will further technology development and product delivery in the US and Aerobotics’s other core territories.
James Paterson, CEO of Aerobotics, says: “Thank you to our customers for believing in our vision and to our investors for backing us. We’re committed to providing intelligent tools to optimise automation, minimise inputs and maximise production. We look forward to further co-developing our products with the agricultural industry leaders.”
In May last year, Naspers announced a R100 million investment in Aerobotics through its early stage business funding initiative Naspers Foundry.