Agtech startup xFarm received funding to further develop its platform that helps farmers digitise their operation.
xFarm is a SaaS (software as a service) platform that aims to facilitate the digitisation of farms, simplifying data collection and analysis, reducing bureaucracy, improving the efficiency and sustainability of agricultural fields and allowing the traceability of agricultural products.
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We've just closed our investment #roundA, led by @UnitdVentures with @TiVenture
Learn what this concretely means for our users https://t.co/i3ahXoIHzB#agtech #startup #digitalfarming #xfarm #agriculture pic.twitter.com/DGVuwYmmjD
— xFarm (@helloxfarm) December 6, 2019
The modular, open platform is based on a freemium business model that integrates cloud-based management software, field IoT sensors and a marketplace with services such as irrigation optimisation solutions, agrometeorological forecasts, disease alerts and precision farming services.
The Round A investment, led by United Ventures, will allow xFarm to consolidate its presence on the Italian market and expand into international markets with particular attention to Europe, South America and Africa; as well as to strengthen the technology platform (especially in the area of artificial intelligence applied to data and forecasting models, also using blockchain technology) and release new modules to customers that can simplify and enhance the management of agricultural fields.
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Matteo Vanotti, engineer and farmer, founder of xFarm, says: “The xFarm project was born to help farmers be more efficient through the use of technology and with this investment we aim to enrich our digital platform with new features and expand the number of farmers beyond those who have already chosen to use our service. Digital transformation in agriculture is a topic of great interest and growth, both in small and large companies. This topic also affects the industries of the agro-food chain, which we help with analytical and traceability tools.”
Global value of agriculture 4.0 in 2018 $ 7 billion
According to data from the Smart AgriFood Observatory, carried out jointly by the Politecnico di Milano and the University of Brescia, the global value of agriculture 4.0 in 2018 reached $ 7 billion (twice as much as the previous year), of which 30% generated in Europe.
Growth is even faster in Italy, where the market has reached a value of between € 370 nillion and € 430 million (+270% in just one year), equal to about 5% of the global market and 18% of the European market, generated by more than 110 suppliers, including established players and startups, offering innovative digital systems and technology consulting services.
The video underneath (in Italian) shows how farmers in Italy use xFarm’s platform.