Apr 12, 2016Flex, Bosch invest in CropX
Robert Bosch Venture Capital (RBVC) and the Flex technology accelerator Lab IX have invested in CropX, a provider of adaptive irrigation. CropX plans to use the strategic partnerships to accelerate product development and expand market adoption. In tandem, CropX also unveiled a new version of its soil sensors.
CropX’s proprietary science helps farmers better understand water usage across their fields, the company said. Its low-cost soil sensors can increase crop yields while simultaneously cutting water usage by one third, according to the company. In just one irrigation season, CropX sensors were installed on thousands of acres of all major row crops and demonstrated immense value, CropX said.
RBVC, the corporate venture company of the Bosch Group, invested in CropX due to its breakthrough do-it-yourself soil sensor technology, scalable IoT platform, powerful analytics and low-barrier, SaaS business model, the company said.
CropX has also launched a new version of its soil sensors. Farmers can now install the screw-like sensors in less than four minutes, according to the company. Sensors retail for $380, and annual subscriptions, accessible via smartphone, start at $220/sensor.
The company’s Series A financing, which was extended from $9 million to $10 million to accommodate investor interest, is now closed. Leading AgTech investors Finistere Ventures, Innovation Endeavors, GreenSoil Investments and OurCrowd welcomed the addition of RBVC and Flex. The funding will support the company’s continued growth and product development, including advances in nutrition, plant protection, planting and harvesting, CropX said. Jan Westerhues, investment partner at RBVC, will join the board as an observer. In addition, Katharine Gregorio is now advising the company based on her former work with Cargill and The Climate Corporation.
Learn more at the CropX website.