Farmers Edge, a Canada-based data management software developer backed by conglomerate Mitsui, raised C$18.3m ($14m) on Tuesday, $4.7m of which came from state-backed foundation Sustainable Development Technology Canada.
The company did not disclose the identity of the round’s other investors, stating only that the rest of the capital was provided by internal sources and contributions from consortium partners.
Founded in 2005, Farmer’s Edge provides precision data management software for the farming industry.
The company is working on a platform that will be able to capture, visualise and analyse a range of factors that affect crop performance, including weather, soil processes and pest impact, and measures them against crop prices, material and equipment costs.
Mitsui co-led a C$58m round for Farmers Edge in January this year with commercial real estate company Osmington and venture capital firm Kleiner Perkins Caufield & Byers (KPCB)’s Green Growth Fund. The company had received an undisclosed sum from KPCB in 2014.