Taranis, a Tel Aviv-based startup that uses aerial imaging, field sensors and weather forecasts to optimize farming yields, has secured a $20 million capital funding round. The injection was led by Viola Ventures, with additional funds from Finistere Ventures and OurCrowd, among others.
Taranis, which has raised $30m since its 2014 foundation, will use the money to enhance its AI solution, and accelerate growth in the US, Russia, Argentina and Brazil, and launch in Australia.
“We are excited to advance our mission of providing farmers with the technology and know-how to effectively maximize crop yields while maintaining operational efficiency,” Taranis CEO and co-founder Ofir Schlamin said via a statement. “We have already helped thousands of farmers monitor crops for potential hazards. Now we’re looking forward to expanding our footprint around the globe.”
Israel has become a leading incubator of cutting-edge agricultural tech solutions in recent years. In 2016 the “Startup Nation” placed fifth in the number of agritech investments worldwide. In total over 60 firms operate in the sector, which superpowers farming using IoT, AI and other leading tech platforms.
Companies like CropX, greenIQ and Taranis have contributed to the $408m spent on Israeli agritech startups since 2014. Over $141m of that was raised last year, representing a 37% increase on 2016.