May 6, 2021

By Lynda Kiernan, Global AgInvesting Media

Computer vision and robotics company Precision AI has raised $20 million in Seed equity and grant funding co-led by At One Ventures (founded by GoogleX co-founder Tom Chi) and the Industrial Innovation Venture Fund of BDC Capital.  

Also participating in the round were Fulcrum Global Capital, and Golden Opportunities Fund. Sustainable Development Technology Canada and Protein Industries Canada also contributed a non-dilutive co-investment.

Founded in Regina, Saskatchewan, in 2018, Precision AI uses drone-based computer vision and robotics to fuel fully autonomous crop spraying and protection for small to large farms and farm machinery manufacturers.

This technology stack allows for extremely precise application of herbicides to individual weeds by row crop farming operations. The ability to bypass the crop gives farmers the opportunity to increase yields at a fraction of the cost of traditional chemical application.

“Farms of the future must be sustainable and produce healthier foods,” said Daniel McCann, CEO and founder, Precision AI. “Using artificial intelligence to target individual weeds is a quantum leap in efficiency and sustainability over today’s practices of indiscriminate broadcast application of herbicide.”

The capital from this round will support the advancement of this disruptive precision farming platform as it strives toward its ultimate goal of deploying a hive of intelligent drones that will automate crop protection processes throughout the entire growing season, optimizing farmland on a per-plant basis. 

“Precision AI’s technology is revolutionizing the agriculture industry. Its innovative application of precision spraying not only prevents the overuse of herbicides but reduces operating costs for farmers and delivers improved and sustainable crop protection practices,” said Leah Lawrence, president and CEO of Sustainable Development Technology Canada. “Precision AI is a shining example of Canadian cleantech innovation and SDTC is proud to invest in its transformative technology.”

Drones Are Taking Off

Herbicide application has always been inherently inefficient with only 15 percent of inputs falling on the crop and more than 80 percent falling on bare ground. And while rivals have focused their energies on high-value, but low-acreage crops, Precision AI’s approach to drone swarming allows the technology to expand into farms of a much larger scale – promising the reduction of pesticide use by as much as 95 percent, and saving farmers up to $52 per acre.

“We were immediately struck by Precision AI’s unique combination of drone technology with precise chemical application,” said Laurie Menoud, partner, At One Ventures and member of the Board of Directors. “Not only can it minimize toxic runoff to protect waterways and downstream ecology, but also reduce farmers’ operating costs and increase their revenue with a zero-chemical residue label.”

Precision AI is the third intelligent agricultural drone company to announce funding in only a matter of weeks.

In April, GAI News shared that Massachusetts-based Guardian Agriculture came out of stealth with $10.5 million in Seed funding led by Leaps by Bayer to advance its eVTOL (electric vertical takeoff and landing) platform – the first-ever integrated, U.S.-manufactured, commercial-scale precision application system purpose-built for agriculture.

One week later, Singapore’s Temasek, Chinese agrifood tech VC Bits x Bites, and CITIC led a $30 million Series C for Chinese agricultural drone technology company EAVision Technologies.

Developed by a team of experts, including former chiefs in autopiloting control and safety at Tesla and imaging detecting system design for the Chinese national railway information system, the core of EAVision’s technology is an exceptional combination of stereo vision sensors and algorithms enabling its unmanned aerial vehicles (UAVs) to navigate challenging environments.

These conditions are widely present in China where mountainous farming accounts for 34 percent of its cultivated land growing a vast variety of nuts, fruits, and tea. Now, EAVision’s platform makes it possible for farmers in these locations to benefit from potential  productivity gains despite geographical constraints that had impeded them in the past.

“UAVs are uniquely suited for China as its geographical characteristics make fixed-wing aircrafts or similarly large land-based machinery popular in the west less relevant,” said Joseph Zhou, managing partner, Bits x Bites. “This lends an opportunity for technological innovators like EAVision to cater solutions for these farmers to grow more with less, safely and cost effectively. We are excited to work with the team to bring these benefits to growers across China and beyond.”

Kevin Lockett, partner at U.S.-based Fulcrum Global Capital, noted that autonomous precision crop protection such as this is the future of modern agriculture, adding, “Precision AI’s best-in-class technology stack and deep management expertise have the potential to accelerate the development of this industry in exciting ways.”

“With an increasingly informed consuming public demanding greater transparency into the food it eats, we are excited to partner with Precision AI and the other co-investors in commercializing multiple ways to reduce the use of traditional chemicals within our food system while increasing sustainability and farmer profitability.”

– Lynda Kiernan is editor 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 Oilseed & Grain News. She can be reached at lkiernan@globalaginvesting.com.