Agtonomy, a hybrid autonomy and tele-assist service platform, has raised an additional $5 million in Seed II funding from strategic and venture investors Toyota Ventures, Flybridge, Hampton VC, E²JDJ and Momenta, for a total of $9 million in seed funding to date.
The startup, which is developing a platform for local agriculture, raised $4 million in its seed round from Grit Ventures, GV (formerly called Google Ventures), and Village Global, the venture firm backed by some of the world’s most successful entrepreneurs including Bill Gates, Jeff Bezos, and Michael Dell, in September last year.
This latest round will be used to accelerate development and trials of the Agtonomy platform to address the growing labor and sustainability challenges facing local agriculture.
Existing investors GV (formerly Google Ventures) and Grit Ventures also participated in the new round.
Tim Bucher, Agtonomy co-founder and CEO, says: “We find ourselves in a perfect storm as a global society with the challenges agriculture is facing.
“Agtech solutions such as autonomous equipment and a technology-enabled labor force are needed now more than ever.
“I couldn’t be happier with our incredible team of investors and look forward to working with them as we accelerate our mission to help local agriculture close the gap on labor shortages.”
The Agtonomy platform turns tractors and other equipment into autonomous machines providing a low-cost, technology-enabled labor force to manage such equipment.
By partnering with some of the most trusted names in agricultural OEM equipment, Agtonomy will deliver immediate value to local farmers who must make continuous improvements, weather labor shortages and reduce field-to-table timelines, all while working with tight budgets and seasonal challenges.
Jim Adler, the founding managing director of Toyota Ventures, says: “Our commitment to sustainability and the future of autonomy, battery and EV technology makes Agtonomy a perfectly aligned investment for our growing portfolio.
“We see huge potential in agtech and are making investments accordingly – fully autonomous vehicles will become a reality on farms where they are desperately needed.”
Jesse Middleton, a general partner at Flybridge, says: “Agtonomy will be a key player in the delivery of technology to the local farming industry.
“There are other companies successfully bringing crops to technology, such as our portfolio company Bowery Farming, and Agtonomy has identified a practical way to quickly bring technology directly to the crops.”
Michael Dolbec, managing partner at Momenta, says: “We are excited to come on board to help the Agtonomy mission extend to Europe, where all regions face the same local ag challenges seen in the US.
“I see the potential ahead for Agtonomy and look forward to mobilizing future farmers, entrepreneurs, businesspeople and consumers who care deeply about building and choosing sustainable, healthy food sources to secure our collective future on the planet.”
With this latest round of funding, Agtonomy will accelerate development and trials of its autonomy and tele-assist service platform, in addition to expanding its team and industry partnerships.