Document: FarmLink raises additional $24.6M for ag tech
January 19, 2016 | Bobby Burch
Ag tech startups in Kansas City are plowing a promising 2016.
Kansas City-based FarmLink recently secured nearly $24.6 million in investment capital for its farming technology, according to a Securities and Exchange Commission filing.
The company offers a suite of tech services for farmers, including analytics platform TrueHarvest and machinery sharing platform MachineryLink Sharing.
TrueHarvest is a yield benchmark tool that helps farmers validate the impact of environmental variables to optimize production of crops. Through the MachineryLink platform, farmers can pay to use farm equipment when needed and also earn money for renting their equipment when it’s not in use. FarmLink says that lessees will have on-demand access to an inventory of equipment at varying costs, offering them enhanced flexibility, cash flow and revenue.
FarmLink has raised about $67.8 million in capital to date with OpenAir Equity Partners as its primary investor. Founded in 2010, the company has 80 employees and was co-founded by Ron LeMay, David Govert and David Forsee.
FarmLink’s most recent raise comes on the heels of another local ag tech success story. Farmobile announced in December that it raised $5.5 million in a Series A round from a large Amsterdam-based venture capital firm. Founded in 2013, Farmobile invented a device — or Passive Upload Connection (PUC) — that plugs into a tractor’s diagnostic port to collect a variety of farming data, such as info on planting, spraying, fertilization, harvest, fleet management and more.
2016 Startups to Watch
stats here
Related Posts on Startland News
Montgomery: How to support KC startups with your IRA and 401(k)
Mycroft co-founder Joshua Montgomery recently appealed to the 1 Million Cups community to launch Initiative Six to foster more early-stage investment in Kansas City. The opinions in the commentary are the author’s alone. I recently read yet another article lamenting the lack of investment by Silicon Valley in the Midwest. The author stated how great…
Kansas program aims to create startups with public-private partnerships
A new Kansas program is tapping universities to incentivize residents to launch more startups through public-private partnerships. The Kansas Department of Commerce recently kicked off “JumpStart Kansas Entrepreneurs” in the hopes that it will spur economic growth in the Sunflower State via early-stage firms. “The program is designed to stimulate and grow the economy from…
Humanizing text analysis, Stride marches to international growth
Computers can do a lot these days, but they can’t process feelings. After all, that’s what sets humans apart from machine — right? Not necessarily it seems, as one Kansas-City based artificial intelligence firm is challenging that notion with its text-analyzing tech that not only identifies subjects but also a writer’s sentiment. A graduate of…
Idle Smart earns $125K in national clean energy program
Idle Smart recently was dubbed a top clean-energy firm and won some substantial investment capital for its technology. Based in Kansas City, Kan., the company was voted by its peers as the top firm in the Energy: US 2016 program, nabbing $125,000 for its smart thermostat device for fleet vehicles, such as semi-trucks. The company’s…