hexafarms, a pioneering agricultural technology company that leverages artificial intelligence (AI) to optimize greenhouse production, announced the successful completion of a €1.3 million pre-seed funding round. The round was led by Speedinvest, a leading European early-stage investor, with participation from Mudcake and Techstars.
The funding will enable hexafarms to further develop its AI and machine learning capabilities, expanding its team of research and development experts. This brings the company’s total capital raised to over €2.5 million.
The company’s AI-driven solution is designed to improve the accuracy of predictions and increase the portfolio of crops supported. Hexafarms currently has the widest portfolio across Europe based on public information, with an estimated 9 million kilos of strawberries and tomatoes being processed this quarter.
Hexafarms is capitalizing on the opportunities presented by the controlled environment agriculture market, which is poised to reach a value of $100 billion by 2030. The company’s AI models reduce preventable losses by optimizing crop production in commercial greenhouses.
The company offers an AI-driven SaaS solution to facilitate optimized food production in commercial greenhouses, addressing a 30% loss in investments due to under-optimized production. The hexafarms app provides growers with accurate, tailored information regarding harvest time and highlights issues that can be addressed to optimize plant biology in the production process.
The company’s scalable solution combines plant biology expertise with AI models, offering a competitive edge over human expertise alone in the realm of commercial food production. Amidst rising concerns over global food supply depletion, hexafarms’ solution is designed to help mitigate these challenges and ensure a sustainable future for food production.