Marking one of the largest venture capital investments made in a Michigan software company in years, the Ann Arbor-based agricultural software startup, Farm Logs, has secured a $10 million investment from a group of venture capitalists including Drive Capital, Huron River Ventures, Hyde Park Venture Partners, and SV Angel. The startup also secured an investment from Sam Altman, the president of the Silicon Valley tech accelerator, Y Combinator. Farm Logs’ application allows farmers to input data into either a computer or mobile device that will then track the performance of their crops, monitor commodity prices and weather, and record information to comply with federal regulations. Farm Logs is becoming a common name and trusted brand, counting 15% of all U.S. farms over 100 acres throughout all 50 states as customers as well as farms in 130 different countries. Initially Farm Logs charged for its services, but has since changed its business model to make its core services free, and in the future will offer premium services which its customers can subscribe to.
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