Agrible Raises $9.7M, Partners with AB InBev

September 22, 2017

Predictive analytics agtech startup Agrible has raised $9.7 million toward a $15.7 million Series B, and has announced a new global partnership with Anheuser-Busch InBev (AB InBev).

The $6 million balance for this Series B will be closed as the timelines for the remaining partners align, according to Cynthia Bruno, chief strategy officer for Agrible, who told The News-Gazette, “When you do a venture fundraising round, there are different timelines within that that are set by the lead investor. So the first close, which is what that $9.7 million was worth, is [sic] those were the partners ready to move at that time. And then we’ve got the next group of partners who will close out that round.”  

The funding was led by Maumee Ventures, the venture arm launched by Ohio-based grain handling company The Andersons in 2015, iSelect Fund, Flyover Capital, Archer Daniels Midland (ADM), and Serra Ventures.

Founded in 2012, Agrible consists of a team of agronomists, atmospheric scientists, and developers who all strive to provide farmers with “the insight to decide”. The company produces predictive analytic tools using field-specific data and forecasts to be used by producers to improve yields and productivity.

The company’s first main service is the Morning Farm Report, a delivery dashboard that is sent to 12,000 users covering seven million acres for its four predictive parameters – rainfall, yields, nutrient levels, weather conditions. Within these four areas, data is gathered on soil condition, water use metrics, tractor usage, and need for chemical sprays. Morning Farm Report also helps farmers and food brands track and quantify their sustainability through Agrible’s Sustainability Yield Program.

The company’s second main product is Pocket Drone Control – a drone and app that connects to the Morning Farm Report offering a bird’s-eye view of fields and supplemental crop damage reports that Agrible is targeting toward the crop insurance sector.

“It was designed primarily for the crop insurance business, for damage assessment,” Todd Weitekamp, Agrible sales account manager, told the News-Gazette. “If they had a storm go through, did they have hail? Did they have some kind of issue go on? To be able to throw a drone up and fly 80 acres in 25 minutes instead of walking. … It’s a total game changer.”

This Series B follows a $350,000 Seed round Agrible raised in 2014, and a $4.1 million Series A in 2015 that was led by Serra Ventures and included Archer Daniels Midland (ADM), and was joined by Flyover Capital.

With the funding from this Series B, Agrible plans to “build out” their technology platforms, integrate more sustainability projects into the pipeline, and pursue a global expansion, said Bruno.

AB and Barley

Agrible also announced a global partnership with Anheuser-Busch InBev (AB InBev), the largest brewer in the world, with the goal of improving global barley production while reducing its impact on the environment.

In 2013 AB InBev launched SmartBarley – a platform designed to help farmers improve output and reduce their environmental footprint through access to technology, data, and insights. Through their partnership, Ab InBev will now provide farmers across 13 countries and five continents with Agrible’s Morning Farm Report as a way to enhance its SmartBarley program.

“Quality ingredients are the key to brewing our world class beers. Morning Farm Report from Agrible is an exciting addition to our ongoing work in agricultural development to help our farmers around the world produce the best barley possible while also ensuring we are living up to our promise of creating a better world,” says Katie Hoard, global director of agricultural innovation at AB InBev.

Ab InBev and Agrible began collaborating in 2016 on a project that uses crop modeling and predictive analytics to forecast barley yields and quality. Expanding upon this foundation, Agrible and AB InBev also will be working together to develop sustainability metrics for water usage, land efficiency, and to track the carbon footprint generated from growing and sourcing ingredients.

“We are very excited to form this relationship with AB InBev to continue bringing world class software, predictive analytics, and expertise to farmers everywhere,” says Chris Harbourt, CEO of Agrible. “Our insights can truly change the face of agriculture across the globe and help companies of all sizes capture efficiencies and make their operations more sustainable.”

-Lynda Kiernan

Lynda Kiernan is Editor with GAI Media and daily contributor to GAI News. If you would like to submit a contribution for consideration, please contact Ms. Kiernan at lkiernan@globalaginvesting.com.

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