Winnipeg, Man.-based Ag Growth International announced that it has agreed to make a minority equity investment of US$15 million in Farmobile Inc. AGI and Farmobile have also entered into a Strategic Commercial Agreement to expand the existing collaboration between the two companies. AGI has the right to appoint two directors to the Farmobile board of directors as a result of this investment. AGI engineers and manufactures systems for storage, handling structures and controls for seed, fertilizer, grain and feed.
Farmobile, headquartered in Leawood, Kan., is an independent agriculture technology company. It provides hardware and software services for the real-time collection, organization, analysis and storage of farm data. The Farmobile PUC IoT device collects and streams second-by-second geo-tagged agronomic and machine data on every pass of the field from farm equipment of most makes and models. This data is converted into standardized Electronic Field Records which can be viewed via desktop or mobile, shared with trusted advisors, and monetized through its digital marketplace, the Farmobile DataStore exchange. The automatically collected data is used as a system of record for as-applied, as-planted and as-harvested data records. The company's revenue is generated from Farmobile PUC subscriptions to farmers, ag retailers and trusted advisors, and data licensing.
“Our investment in Farmobile substantially expands our technology platform and integrates automated data collection seamlessly within our IntelliFarms SureTrack farm management and grain exchange platform,” said Tim Close, CEO of AGI.