US-based agriculture-focused data science provider Farmlogs has closed a $22m series C round led by Naspers Ventures, the corporate venturing subsidiary of media company Naspers.
The round also included Drive Capital, Huron River Ventures, Hyde Park Venture Partners, SV Angel and Sam Altman, president of incubator and venture capital firm Y Combinator.
Launched out of Y Combinator in 2012, Farmlogs has developed a platform that combines data science and machine learning technology to offer farmers an insight into how to optimise crop performance, increase their yield and eliminate waste.
The company claims its technology is now used to help manage more than 20% of row crop acres across the US. Mike Katz, head of US investments at Naspers Ventures, will join Farmlogs’ board of directors.
Farmlogs has raised a total of $37m to date. Drive Capital, Huron River, Hyde Park, SV Angel and Altman previously contributed to its $10m series B round in December 2014.
Drive Capital led the company’s $4m series A round in January 2014, with participation from Huron River, Hyde Park Venture Partners and Hyde Park Angels, after Huron River and Hyde Park Venture Partners had co-led a $1m seed round in 2013.
Mike Katz said: “Naspers invests in industries around the world where innovation can significantly address big societal needs. Farmlogs is forging a new future for farming that will change the world for the better.
“The Farmlogs team has relentless ambition and we look forward to actively supporting their vision to fundamentally improve global agriculture.”