Ag-tech IoT startup scores $15M Series B

Prospera, an IoT-based digital farming startup has closed a $ 15M Series B round that was led by Qualcomm Ventures. Cisco Investments, ICV and returning investor Bessemer Venture Partners also participated in the round.

Prospera monitors crops with a camera and sensor hardware system. It then sends half-a-million daily readings to its cloud-based servers and presents actionable information on its analytics engine accessible via desktop and mobile app.

Technologies used in the solution include advanced data analytics, computer vision, and artificial intelligence to crunch vast amount of crop data. The technology best suits the production of large-scale high-value crops.

Prospera Analytics

A key aspect of Prospera’s ag-tech solution is that farmers use it for a variety of purposes, including optimal variety allocation, planting & harvest planning, inputs selection, and crop yield forecasting.

Additionally, Operation managers of large farms use Prospera to manage farm workers. This module includes digital tools to assign tasks to laborers and monitor performance in real-time. Prospera’s customers also include produce growers for Walmart, Tesco, Sainsbury’s, and Aldi retail stores.

Prospera operates in Europe, Mexico, and the U.S. “While the Agriculture industry has been somewhat slow to adopt information technologies, it is now closing the gap with state-of- the-art data processing tools, artificial intelligence, and machine learning. We’re excited to lead this paradigm shift,” said Daniel Koppel, Co-Founder, and CEO at Prospera.

Smart farming companies have continued attracting venture investments. Freight Farms, an in-door AgTech startup raised $ 7.3M in a Series B round last month, and an Australian digital farming startup named The Yield with a solution built on top of Microsoft Azure raised $ 6.5M in April 2017.

Postscapes: Tracking the Internet of Things

Industrial IoT company Filament Nets $15M in New Funding

Filament, the Nevada-based wireless industrial networks provider scored another significant venture funding round of $ 15M. It was only in February 2017 that the startup had raised $ 9.5M venture capital at an undisclosed valuation. The company provides both hardware and software.

The completion of the latest round, led by Verizon Ventures and Bullpen Capital brought Filament’s total equity funding to $ 21.8M in 7 Rounds from 30 Investors. The company will use the funds to scale their platform from pilots to large production-grade installations in Fortune 1000 companies. It will also focus on adding GPS functionality to Filament, developing partner network, and introduce new revenue streams.

The startup, founded in 2012 only focuses on networking layer in industrial-grade IoT solutions (oil platforms, farms, and mining companies). The unique value that Filament promises to deliver is connecting industrial assets to securely communicate with one another wirelessly without the need for cloud-connectivity or third party support.

It primarily fills the market gap where cellular connectivity and Wi-Fi are unreliable or unavailable. The delivery of edge processing through long-range, low-power networks helps fill the gap in existing technologies used for networking the IoT devices.

We discussed in an earlier post that Filament sells ‘Tap’, a rugged sensor package that lets its industrial customers wirelessly monitor and control devices or equipment. The company also sells ‘The Patch’ which basically adds drop-in wireless connectivity on top of custom hardware.

Filament from Filament on Vimeo.

Postscapes: Tracking the Internet of Things