Canada-based crop management technology developer Resson secured $11m in series B funding on Wednesday from a consortium led by agrochemical company Monsanto’s corporate venturing arm, Monsanto Growth Ventures.
BDC Capital, the investment unit of government-owned financial institution Business Development Bank of Canada, Build Ventures, Rho Canada Ventures, New Brunswick Innovation Foundation and East Valley Ventures also participated in the round.
Founded in 2013, Resson has built a cloud-based platform that applies predictive analytics to crop management. The technology takes into account crop status and health, making recommendations to increase efficiency.
The company will use the money to expand its product development, boost its sales and marketing efforts, drive recruitment and open an office in California.
Ryan Rakestraw, venture principal at Monsanto Growth Ventures, said: “We envision this impressive data-driven technology helping to improve yields, while reducing costs across a number of crops and cropping systems.
“We are looking forward to working closely with Resson as its team continues to develop a predictive solution that could benefit the entire global agriculture industry.”
Rho and Build co-led a $3m series A round for Resson in 2014 that featured BDC, New Brunswick Innovation and assorted angel investors.