Phytech, an Israel and US-based digital farming automation and data provider backed by China-owned Tencent and Syngenta’s corporate venturing units, has raised $23.5m in a series C round including private equity firm Thomas H Lee Partners.
THL and existing, undisclosed anchor investors provided the money.
In October 2017, Phytech closed an $11m series B round led by internet group Tencent that included agribusiness Syngenta’s corporate venturing arm, Syngenta Ventures, and undisclosed other investors.
Phytech has developed a software platform that utilises artificial intelligence and internet-of-things technology to analyse data from soil, plant and climate sensors in order to provide growers with alerts and recommended actions to maintain optimum crop conditions.
Syngenta Ventures and Mitsui & Co Europe, a subsidiary of diversified conglomerate Mitsui, co-led Phytech’s December 2015 series A round, in which the company raised an undisclosed amount.
The technology is utilised by farmers in the US, Australia and Israel, and Phytech will use the funding to support company growth as its expands into new territories.
Law firms Weil Gothsal and Manges and Herzog Fox and Neeman advised THL, while Raz-Dlugin advised Phytech.
