Farming and construction equipment producer John Deere agreed yesterday to acquire Bear Flag Robotics, a US-based autonomous tractor developer backed by agriculture-oriented media, data and investment company AgFunder, for $250m.
Founded in 2017, Bear Flag is working on self-driving technology aimed at agricultural machinery.
Jahmy Hindman, chief technology officer for John Deere, said: “Bear Flag’s team of talented agriculture professionals, engineers and technologists have a proven ability to deliver advanced technology solutions to market.
“Joining that expertise and experience with Deere’s expertise in autonomy, along with our world-class dealer channel, will accelerate the delivery of solutions to farmers that address the immense challenge of feeding a growing world.”
The company raised $7.9m in a January 2021 seed extension led by True Ventures and backed by AgFunder, D20 Capital, Graphene Ventures and Green Cow Venture Capital.
True Ventures had also led the $3.5m first tranche for Bear Flag’s seed funding three years before, bringing the latter’s overall funding to $4.6m.
