A Boston-based farming technology startup hoping to have an impact on the agricultural
industry, Indigo, has raised $203 million in its recent round of funding.
The lead investment in the round came from the Investment Corporation of Dubai with $47
million, an investment which is one of the largest of its kind received by a company in the
agricultural technology sector, as reported by Reuters.
Indigo had raised $156 mn in September as part of the first tranche of its Series D. The Investment Corporation of Dubai is an investment company owned by the state. Indigo, which received funding of $100 million last year, has now raised a total of $400 million since its founding in 2014.
In an effort to transform the systems of agriculture, internationally, for crops such as wheat,
soybean, cotton and corn, President and Chief Executive of Indigo, David Perry, said money
from investments will go toward continued research in the field and toward the expansion of
existing and new office locations in Australia, Argentina and Brazil.
In hopes of transforming crops to a point where they could tolerate different environmental
situations such as insects, drought, severe weather and poor soil, the company says they have
created a coating for seeds out of microbes.
Although the ultimate goal would be to enable farmers to grow crops without the assistance of
chemicals, the company said most farmers they work with still use some amount of chemicals.
The project has not been proven yet and is still one that the company is working to perfect.
Perry told Reuters the company, which currently works with farmers in the United States,
Australia and Argentina, has a $1.4 billion value. According to Perry, the company sells crops at a markup, creating more revenue for the farmer than they would typically generate.
(Picture courtesy: AmericanInno)
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