Together with leading tractor manufacturer CNH Industrial, Marathon Venture Capital and The Hardware Club, Pymwymic completed an $8m Series A funding round for precision agriculture company Augmenta. The company’s Field Analyser solution reduces the amount of chemicals needed in farm fields and hence helps protect soils, improves quality of produce and at the same time saves costs for the farmer.
Augmenta was founded in 2018 in Greece by George Varvarelis and Dimitris Evangelopoulos, with the mission to augment the capacity of arable land and help feed the growing world sustainably. Currently headquartered in Paris, the company started the development of their solution in 2016. Augmenta operations have since been carried out on hundreds of fields across 16 countries around the world.
Since the ‘Green Revolution’, agriculture yields have increased substantially by adding chemical inputs such as fertilizers, pesticides and fungicides. While this has helped tremendously to feed a growing population, it has also lead to massively degraded soils and severely harmed biodiversity. As current practices cannot be sustained, we need to transition to a different way of producing our food, with less use of chemical inputs. The use of precision automation offers exactly such a solution.
The Augmenta system is mounted on the roof of any tractor and analyzes the health of the field whilst being on the move. It scans details of the field in real-time, such as the amount of foliage and damaged or flooded parts. Using this data, the system can apply the exact dosage needed for each spot of land, in contrast to the traditional ‘blanket coverage’ approach. As such, waste is significantly reduced, the amount of input needed are kept down while crop potential is maximized.
“Augmenta will reduce the chemical load in the soils, improve the quality of the produce and at the same time reduce costs – the perfect example that good business models combine both profit while having a positive impact on our planet.”
Rogier Pieterse, Managing Director at Pymwymic.
With this investment the portfolio of the Pymwymic Healthy Ecosystems Impact Fund I has been completed. Nine disruptive impact-driven companies are doing their part in saving our ecosystems. We will continue with our soon to be launched Healthy Food Systems Impact Fund II, focused on supporting the transition of the food system from farm to fork.
“This investment round will help us expand our distribution network around the world and accelerate our ambitious R&D plans.”
George Varvarelis, Co-founder & CEO Augmenta
“This collaboration will provide CNH Industrial’s customers with accelerated access to productivity enhancing precision automation technologies, alongside significant sustainability benefits.”
Moten Schmidt, Global Leader, Digital and Precision Solutions & Telematics, Agriculture Segment, CNH Industrial.
Augmenta is the creator of an innovative real-time, camera-based system that retrofits pre- owned farming equipment and automates the most impactful farming operations like nitrogen and chemical applications. With a growing global presence in Europe, CIS, North and South America and Australia, it has already made important inroads into its mission of augmenting the capacity of arable land in an environmentally sustainable way. To learn more, visit www.augmenta.ag.
About CNH Industrial
CNH Industrial N.V. (NYSE: CNHI / MI: CNHI) is a global leader in the capital goods sector with established industrial experience, a wide range of products and a worldwide presence. Each of the individual brands belonging to the Company is a major international force in its specific industrial sector: Case IH, New Holland Agriculture and Steyr for tractors and agricultural machinery; Case and New Holland Construction for earth moving equipment; Iveco for commercial vehicles; Iveco Bus and Heuliez Bus for buses and coaches; Iveco Astra for quarry and construction vehicles; Magirus for firefighting vehicles; Iveco Defence Vehicles for defence and civil protection; and FPT Industrial for engines and transmissions. To learn more, visit www.cnhindustrial.com
About Marathon VC
Marathon Venture Capital is a seed-stage venture capital fund, helping ambitious founders build world-class technology companies. With about $100m under management, Marathon has provided the first check in category-leading companies, such as Augmenta, Netdata, Lenses.io, Causaly, and Hack The Box. To learn more, visit marathon.vc.
About Hardware Club
HCVC is a venture capital firm that backs ambitious founders in a mission to automate and digitize the physical world. HCVC also supports hardtech companies worldwide through Hardware Club, its selective community counting more than 550 companies in 40 countries as members. To learn more, visit www.hcvc.co.
Founded in 1994, Pymwymic is the “Put Your Money Where Your Meaning Is Community”, a co- owned organisation of European wealth holders who take a frontrunner role in the transition towards investing with care for people and planet. A community that consists of over 150 individuals, families, entrepreneurs and angel investors of different backgrounds, ages and nationalities. We invest through SDG themed sub-funds. By combining our knowledge, passion and money, we bring credibility to the impact investing industry and continuously push for higher standards until investing with care for people and planet is the new norm. Questions about our work? Contact: email@example.com