US-based agricultural data software provider Arable completed a $20m series B round yesterday that was backed by Tridon, the corporate venturing arm of agricultural equipment maker Grupo Jacto.
The round was led by venture capital firm Prelude Ventures and included Alumni Ventures Group’s Nassau Street Ventures fund as well as M2O and existing investors including S2G Ventures, Middleland Capital, Ajax Strategies and Chasefield Capital.
Arable has built a system that integrates sensors and software to measure data covering factors such as crops, soil and the weather in order to track the growth of plants and assess how it is affected by different environmental stressors.
Proceeds from the round, which Arable said increased its total financing to $38m, will support commercial expansion and the next iteration of its technology.
The company had raised $1.5m from angel investors and $4m in grant funding from National Science Foundation as of 2016, and secured $4.25m in a 2017 series A round co-led by Middleland Capital and S2G Ventures that also featured Chasefield, Spark Labs and Cantos VC.
