ZoomAgri seeks to expand its commodity coverage with the support of these local investment funds.
ZoomAgri, a global Argentine agricultural technology company that uses AI and machine learning for grain variety recognition, has just raised US$ 9 million in an investment round led by GrainCorp and GrainInnovate, along with venture capital funds like the Grain Research Corporation (GRDC) and Artesian, and a larger participation from existing investors SP Ventures.
ZoomAgri, which already participates in the barley testing market in Australia, reached the Series A investment round to improve and expand its commodity coverage.
According to Robert Spurway, CEO of GrainCorp: “We have been testing two ZoomAgri units at our reception sites on the east coast of Australia for the past few years, to detect sieving defects and quality in barley. They have developed advanced prototypes over the past three years for variety testing and determination of physical quality, and our investment will support further product development in new commodities, such as wheat.”
Recently, ZoomAgri received official approval from Mitteleuropäische Brautechnische Analysenkommission eV (MEBAK), the Central European Commission for Beer Analysis, as an authorized method to use their technology in the analysis of barley varietal purity at all stages of the supply chain.
With the capital raised, ZoomAgri will continue investing in the development of new technology to consolidate its expansion and to improve its AI technology to enable them to complement, evaluate, or replace current quality assessment methods.
This article was first published on Contxto. Read the full article here.
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