July 18, 2019

by Lynda Kiernan

Ag Growth International (AGI) has invested $15 million in farm data company Farmobile in exchange for a minority stake in the Kansas-based startup.

Founded in 2013 and based in Overland Park, and self-proclaimed as The Independent Farm Data Company℠, Farmobile is a leading innovator in the farm data category, offering farmers a neutral method to collect, store, manage, and monetize data collected across all brands and manufacturers of machinery.

“In a precision ag world, data is a crucial system of record for every pass on a field, which quickly turns into a system of orchestration to enable better in-field management decisions,” said Jason Tatge, CEO of Farmobile. “AGI understands that, so we are thrilled to have a partner and investor like AGI as we continue on our mission to help unlock the full potential of data in agriculture.”

The company’s main product is the passive uplink connection – or PUC – a device released in 2014 that can be integrated with any brand of farm machinery equipment, which then collects and streams machine and agronomy data in real time, then reformulates and delivers it to the farmer’s mobile device. To date, Farmobile’s PUC has collected more point-by-point farm data, including detailed agronomic data on planting, foraging, spraying, spreading, and harvesting, as well as location data, boundary, variety, and crop data than any of its industry rivals.

Then, the company’s Farmobile DataEngine℠ platform integrates this data and generates standardized visual Electronic Field Records (EFRs), making it easier for users to gain insights, and to share these insights with trusted channel partners.

“We are completely agnostic,” Jason Tatge, founder and CEO of Farmobile, told GAI News in 2016. “Our goal is to collect data, get it in a standardized data set and let the farmer decide where it should go.”

Furthermore, the Farmobile DataStore℠ exchange , which is built on to the DataEngine platform, is the first to digitally connect farmers with buyers who can leverage the high-quality, layered information, giving farmers a new revenue stream through the ability to monetize one of their most valuable commodities – data.

“Agriculture is evolving faster than ever before, and data is at the core of the progress we have made and the progress we will make in years to come,” said Tim Close, president and CEO, AGI.

“The power of a company like Farmobile is that they enable access to insights that have previously been locked inside of machines or left in the field due to the challenge of data collection and transfer. As a company that has been serving agriculture for decades, we recognize the power of that information to help make decisions when they matter most.”

This funding follows Farmobile’s $18.1 million Series B executed in October 2017 that included Anterra Capital, AmTrust Agricultural Insurance Company, and additional existing investors; and a $5.;5 million Series A in 2015 led by Anterra Capital. 

Now, with this latest round of capital, and through its strategic partnership with AGI, the company plans to accelerate its growth, expand the size of its global user bank, drive the collection of ag data for more informed decisions, and to create value-added revenue streams for the world’s farmers.

– Lynda Kiernan is Editor with GAI Media and daily contributor to GAI News. If you would like to submit a contribution for consideration, please contact Ms. Kiernan at lkiernan@globalaginvesting.com.