June 22, 2015

By Lynda Kiernan

Tel Aviv and San Francisco-based irrigation management agtech startup, CropX Ltd, has announced it has raised $9 million in Series A funding led by Finistere Ventures. Other investors listed in this round include Innovation Endeavors, GreenSoil Investments, and early CropX backer, OurCrowd.

At a time when California is in its fourth year of drought, water management concerns have led to the emergence of agtech firms and new technologies focused on growing more food while using less water. CropX is emerging into an increasingly crowded market, competing against veteran companies such as IBM, and other startups such as Tule, which is backed by Y Combinator, and Fruition Sciences, which applies its energies to the irrigation of vineyards.

Arama Kukutai, partner and co-founder of Finistere Ventures explains why Finistere decided to back CropX from such a crowded field stating, “As a pioneer in the AgTech sector, we are always looking for promising technologies with the potential to make a meaningful difference to farmers’ profitability and sustainability. CropX is the first retail-priced solution allowing farmers to control irrigation to minimize water use, save on farm energy, augment yield, and control fertilizer runoff, thereby improving environmental compliance.”

CropX offers farmers a free download of their app, and free sensor kits by mail. The company instructs farmers in the optimal field positioning of the sensors for the most accurate readings and results. Once in the ground, the sensors measure topography, soil moisture, and temperature levels which are then sent to the cloud and analyzed. Information based on this analysis, which the farmer can use to adjust their irrigation systems for maximum crop yield is then sent to the farmer’s smartphone in chart and map formats.

“The world is running out of water, and, therefore, food. The U.S. drought is a growing problem that we must tackle head on. The farming industry is struggling to manage rising energy costs and restricted water supplies, while trying to decrease water waste and increase crop yields. Our simple software service helps farmers easily grow more with less — and eliminates unnecessary water usage,” says CropX CEO Isaac Bentwich.

This investment marks the first agtech commitment for Innovative Endeavors since the launch of Farm2050 in late 2014.

“CropX is a leader in the digital agriculture space, helping farmers globally overcome rising irrigation challenges. We are excited to support such a fantastic team that is building the future ag tools,” states Innovation Endeavors Managing Partner, Dror Berman.

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