Israel-based digital farming software developer Phytech has closed an $11m series B round led by internet group Tencent that included agribusiness Syngenta’s corporate venturing arm, Syngenta Ventures, and undisclosed other investors.
Phytech has developed a software platform that utilises artificial intelligence and internet-of-things technology to analyse data from soil, plant and climate sensors in order to provide growers with alerts and recommended actions to maintain optimum crop conditions.
The technology is utilised by farmers in the US, Australia and Israel, and Phytech will use the funding to support company growth as its expands into new territories.
Syngenta Ventures and Mitsui & Co Europe, a subsidiary of diversified conglomerate Mitsui, co-led Phytech’s December 2015 series A round, in which the company raised an undisclosed amount.
David Wallerstein, Tencent’s chief exploration officer, said: “The Phytech solution optimises overall plant health and can significantly boost planet productivity, while making valuable reductions in water usage.
“The benefit to farmers and the planet overall is clear: higher yields, less water use, healthier plants. This is just the beginning. We are excited to be part of this journey.”
– Image courtesy of Phytech.