Tallinn, Estonia-based agritech company eAgronom
has raised a €1.2 million convertible equity funding round to bolster its AI-based farm management platform, as the startup prepares to raise a further €10 million in Series A funding in the spring of next year.
The investment comes from EstVCA member firm SuperAngel VC as well as IronWolf Capital (Vilnius), Cats.VC (Moscow) and also notable angel investors including Bolt (formerly Taxify) founder Martin Villig and Taavi Tamkivi, the founder of Salv.
The company also announced it has recruited Kristjan Luha
, a former Vice President at Nike who was with the company for 17 years, as its new Chief Commercial Officer.
The fresh capital will be used to roll out its AI-powered digital consultancy services across more countries with the help of Luha. Basically, eAgronom wants to help farmers automate crop rotation plans to improve yield and become more sustainable, integrate satellite NDVI data, analyse their financial performance, and so on.
Its software product is currently used by some 1,500 farmers responsible for 1 million hectares of grain-land in Europe, the startup said.
Founded in 2016, eAgronom has raised a total of €4.5 million in funding to date.