AAA Mahindra piles funding into Resson

Mahindra piles funding into Resson

Diversified conglomerate Mahindra & Mahindra has agreed to invest up to C$6.6m ($5.2m) in Canada-based agricultural analytics software provider Resson, FirstPost reported on Tuesday.

The deal would give Mahindra, which operates the world’s biggest selling tractor brand, a 10% stake in Resson if it chooses to purchase the entire allotment of just over 800,000 preferred shares.

Founded in 2013, Resson has built a cloud-based platform that applies predictive analytics to agricultural images to enhance crop management, analysing factors such as crop health to offer guidance on improving efficiency.

Resson received $11m in a June 2016 series B round featuring Monsanto Growth Ventures, agrochemical producer Monsanto’s corporate venturing arm, and packaged food supplier McCain Foods.

BDC Capital, part of the government-owned Business Development Bank of Canada (BDC), also took part in the round, as did regional development agency New Brunswick Innovation Foundation, East Valley Ventures, Rho Canada Ventures and Build Ventures.

Rho Canada and Build Ventures had previously co-led Resson’s $3m series A round in 2014, investing alongside BDC, New Brunswick and assorted angel investors.

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