October 3, 2022

By Lynda Kiernan-Stone, Global AgInvesting Media

Hybrid autonomy and tele-assist service platform Agtonomy has successfully closed on a Seed III round, bringing total funding to-date for the startup to $13.5 million. 

Co-leading the round were Cavallo Ventures, the venture arm of Wilbur-Ellis, and Mirae Asset Venture Investment, the venture unit of South Korea-based Mirae Asset Finance Group – the owner of the largest investment bank in the country, and one of the largest independent financial groups in Asia with more than $700 billion in AUM.

“South Korea is a major hub for agricultural equipment manufacturing and innovation. We are always on the lookout for start-ups that are pioneering technology that will evolve agriculture as we know it,” said Scott Kim, general manager, Mirae Asset Venture Investment. “Agtonomy’s game-changing technology allows farming operations to automate workloads and increase labor efficiency. We could not be more thrilled to be a partner.”

Also participating in the round were Toyota Ventures, and David R. Duncan, the proprietor, chairman, and CEO of Silver Oak Cellars.

“As a leading Cabernet brand based in Napa Valley, we are always looking to bring the best product to our customers in the most innovative and sustainable way possible,” said Duncan. “I witnessed a demonstration of what Agtonomy is building and I knew I wanted to be a part of it. This is the future of farming, and I am excited to be working with Agtonomy to bring this technology forward.”

Based in San Francisco and Sonoma County, Agtonomy enables ag and land maintenance operators the ability to address skilled labor shortages with autonomous equipment. Through its innovative platform the startup facilitates the availability of sustainable, autonomous machines that are affordable to the majority of the world’s farmers.

Farmers – especially those growing labor-intensive specialty crops such as grapes, berries, and certain vegetable crops –  are facing ever greater challenges throughout their growing seasons. It is these farmers in particular, who widely depend on manual, repetitive labor, that employ the vast majority of farm workers in the U.S.

Although not a new problem, it is one that continues to accelerate. In the second half of the 20th century, the number of hired farm laborers declined by 52 percent, while the number of family farmworkers declined by 73 percent.

Through partnerships with some of the most trusted names in agricultural OEM (original equipment manufacturer) equipment, Agtonomy delivers immediate value to local farmers by reinforcing skilled labor with technology that automates repetitive tasks with efficiency and precision. 

“We like to invest in emerging and next generation technologies and products that will guide the future of agriculture and couldn’t be more excited to partner with Agtonomy, a company doing just that,” said Brett Morris, managing director, Cavallo Ventures.

“The team is made up of both technologists and lifelong farmers, who truly understand the pain points and needs of the customer. It’s what makes the team stand out amongst others and what makes us excited to partner with Agtonomy.”

With the capital from this latest funding round, Agtonomy stated that it plans to “add strategic depth to the team”, expand its fleet of vehicles currently operating with the startup’s technology in the field, and to accelerate trials of its service platform designed to address the growing challenges associated with skilled ag labor.

“Agtonomy is on a mission to close the labor gap being experienced by many in the farming community,” said Tim Bucher, CEO and co-founder, Agtonomy.

“Farmers face tremendous challenges in a time where skilled labor shortages are contributing to high food prices. We are thrilled to grow our network of support around Agtonomy and accelerate our impact on the global food chain through this latest round of funding.”

~ Lynda Kiernan-Stone is editor in chief with GAI Media, and is managing editor and daily contributor for Global AgInvesting’s AgInvesting Weekly News and  Agtech Intel News, as well as HighQuest Group’s Unconventional Ag. She can be reached at lkiernan-stone@globalaginvesting.com.

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