Precision AI, a computer vision and robotics company working with sustainable farming practices, announced today the closing of $20 million in equity and grant funding.
The financing will support the advancement of a precision farming platform that deploys swarms of artificially intelligent drones to dramatically reduce herbicide use in row crop agriculture. Precision AI's drone-based computer vision technology enables surgically precise application of herbicide to individual weeds in row crop farming. By spraying only weeds and avoiding the crop, yields can be maintained at a fraction of the chemical cost. Ultimately, the company's vision is to deploy hives of intelligent drones that will automate the crop protection process throughout the entire growing season, optimizing every square inch of farmland on a per-plant basis.
"Farms of the future must be sustainable and produce healthier foods," said Daniel McCann, CEO and founder of Precision AI. "Using artificial intelligence to target individual weeds is a quantum leap in efficiency and sustainability over today's practices of indiscriminate broadcast application of herbicide."
"We were immediately struck by Precision AI's unique combination of drone technology with precise chemical application. Not only can it minimize toxic runoff to protect waterways and downstream ecology, but also reduce farmers' operating costs and increase their revenue with a zero-chemical residue label," said Laurie Menoud, Partner at At One Ventures and member of the Board of Directors.
The platform also increases producer competitiveness in the global market with integrated food supply chain traceability and proof of sustainable farming practices.
The Seed round was co-led by At One Ventures, founded by GoogleX co-founder Tom Chi, and the Industrial Innovation Venture Fund of BDC Capital, with participation from Fulcrum Global Capital and Golden Opportunities Fund, with supporting non-dilutive co-investments from Sustainable Development Technology Canada and Protein Industries Canada.
For more information:
Precision AI
www.precision.ai