FarmDroid, a startup helping farmers and plant breeders reduce their costs of manual labor, secured €10.5 million investment to accelerate the expansion of its autonomous, solar-powered agricultural robot in the conventional market
The funding round was led by Convent Capital, with participation from EIFO and Navus Ventures, providing a total of nearly DKK 80 million. The FarmDroid robot can sow, remove weeds, and reduce pesticides usage with a new micro spray system, all while operating continuously in the field, powered by solar energy. Now, FarmDroid is set to expand further globally, targeting both organic and conventional open-field farming, enhancing efficiency and promoting sustainable agriculture.
Farmers today face significant structural challenges that are reshaping the future of agriculture, including the need to reduce chemical inputs, decrease reliance on manual labour, and cut operational costs. FarmDroid, a company based in Vejen, Denmark, developed a versatile, easy-to-operate, lightweight and affordable robot that can address several of these challenges. As the world’s best-selling solar-powered field robot, it provides a sustainable alternative to traditional farming methods, playing a vital role in the green transition.
By drastically reducing the need for chemical inputs and labour costs, FarmDroid’s autonomous robot enables farmers to implement more sustainable practices while enhancing productivity. The robot is capable of sowing, weeding, precision spraying, and autonomously operates around the clock. FarmDroid promotes eco-friendly agriculture through mechanical weed removal and precise spraying, all while preserving soil health and significantly reducing operational expenses. Having proven its effectiveness primarily on organic farms, the recent introduction of the spot spraying application now opens the door to broader adoption in conventional farming. With mechanical weeding, FarmDroid reduces certain pesticide use by up to 100 percent compared to conventional methods.
At FarmDroid, both the CEO and founders are very pleased with the investment from the three involved parties. “We are incredibly proud to have closed this investment, which will strengthen FarmDroid’s position and provide opportunities to develop and expand the use of agricultural robots. This investment contributes both with competences and financial resources dedicated to scaling the business, increasing our impact, and promoting sustainable and economically attractive solutions for agriculture,” says René Jannick Jørgensen, CEO of FarmDroid.
The founders are excited to welcome the new investors as they join FarmDroid on its growth journey. “In the process, it has been important for us to find the right partners who understand the DNA of FarmDroid, share our vision, and want to join us on the journey ahead. With Convent Capital, Navus Ventures, and EIFO on board, while we as founders remain the primary owners, we are geared for the next steps on the journey. We have surpassed 500 robots – now the next milestone is 1,000,” added Jens and Kristian Warming, the founders of FarmDroid.
The investment aligns perfectly with the strategies of the three participating investors, each of whom recognises the potential of FarmDroid’s technology to reshape modern agriculture and make positive environmental impact.
The lead investor highlights: “At Convent Capital, we value solutions that are both practical and impactful. In our view the FarmDroid team developed a farming tool that stands out in its simplicity and effectiveness, making it one of the bestselling autonomous solutions in the market today. By significantly reducing chemical inputs while at the same time increasing crop yields, FarmDroid’s robots bring significant positive environmental impact. But above all, we have truly enjoyed working with the FarmDroid team over the past months and look forward to strengthening our partnership now that we have officially joint forces,” commented Steven Bernaert, Principal at Convent Capital.
This enthusiasm is shared by the other investors in the syndicate. “FarmDroid is a strong addition to EIFO’s portfolio as the company fits perfectly into our strategy of supporting the green transition with innovative solutions. FarmDroid drastically reduces the use of pesticides while being an economically attractive solution for agriculture,” added Caroline Søeborg Ahlefeldt, Investment Manager at EIFO.
At Navus Ventures they also see a strong match between FarmDroid and themselves. “We see FarmDroid as a frontrunner in robotisation of arable farming, enabling more sustainable and long-term productive practices. Their pragmatic and farmer-oriented technology has been tested in the field for years as they established an impressive customer base. We are looking forward to our collaboration and see a strong match with our background in the automation and robotisation of agriculture,” said Eduard Meijer, Managing Director at Navus Ventures.
Read the orginal article: https://www.eu-startups.com/2024/10/danish-agtech-farmdroid-secures-e10-5-million-for-its-autonomous-solar-powered-agricultural-robot/
