Amsterdam: Source.ag, the leading provider of artificial intelligence (AI) solutions for greenhouse growers, has secured $23 million in Series A funding. This latest investment brings the company’s total funding to $35 million in less than two years.
Since launching its first commercial products in the summer of 2022, Source.ag has experienced remarkable growth, expanding its user base by tenfold within just 12 months. The company has partnered with prominent growers worldwide to enhance vegetable yields, addressing the challenges posed by the increasing energy consumption and climate-related crises. With the global demand for greenhouse agriculture on the rise, Source.ag aims to empower growers worldwide, enabling them to accelerate their operations and improve overall efficiency.
Greenhouse agriculture offers a sustainable and climate-resilient approach to food production, providing significantly higher yields compared to traditional farming methods. It requires minimal arable land and utilizes up to 20 times less water. As 70% of global freshwater withdrawals are currently used for food production and agricultural land occupies 46% of habitable land, the need for resource-efficient farming practices is becoming increasingly urgent. Source.ag’s advanced AI platform allows growers to optimize their operations, operate larger areas in diverse locations, and drive the global adoption of greenhouse agriculture.
While initially focusing on major segments such as tomatoes and peppers, Source.ag has ambitions to support all fruit and vegetable growers. After the successful launch of its first product, Source Track, the company is set to introduce two new products in 2023: Source Cultivate and Source Control. These offerings will enable growers to simulate complete crop growth seasons tailored to specific gene and crop varieties, empowering them to achieve optimal growth conditions. The additional funding will also fuel Source.ag’s expansion in supporting a broader range of crop types and farming methods.
- company press release
