The funding will be used by iFarm to develop its Growtune tech platform to operate a variety of vertical farms
iFarm secures $4m funding from investors such as Gagarin Capital. (Credit: iFarm.)
Helsinki, Finland-based agritech startup iFarm has raised $4m in a funding round led by its previous investor Gagarin Capital.
The round also saw participation from Matrix Capital, Impulse VC, IMI.VC and several business angels.
The funding will be used by iFarm to develop its inhouse Growtune tech platform to enable operations across several varieties of vertical farms and quadrupling the number of plants available to its technology.
The startup will also optimise its automated production lines to reduce labour costs and complete experiments by growing strawberries, cherry tomatoes, sweet peppers, radish and other crops.
The firm has more than 50 on-going projects with its clients in Europe and the Middle East. The list also includes an industrial-scale vertical farm, which is due to be launched in Finland by the end of this year.
iFarm co-founder and president Alex Lyskovsky said: “Investors can participate in the worldwide network of vertical farms and receive a rate of return well above bank deposit rates.
“We already have a group of financial partners involved in the development of our farms, and now there is a direct opportunity for this type of investment in Finland, UK, Switzerland, Netherlands, Russia and UAE.”
iFarm’s Growtune platform is capable of determining the plant’s weight
iFarm claims that its automated vertical farm management technologies, allowing customers to grow salads, greens, berries and vegetables in urban environments, at places such as empty warehouses and factory shops to basements and distribution centers.
The technology uses an adaptive protocol that includes computer vision, machine learning and the data about thousands of plants collection from a network of vertical farms along with industry knowledge.
The firm’s Growtune platform is also claimed to ascertain a plant’s weight, any growth deviations or pathologies and develops a system that can improve the crops’ quality characteristics on its own.
Gagarin Capital managing partner Mikhail Taver said: “The 2020 pandemic exposed the problems of the global food system – food supplies, sowing and harvesting were disrupted across the globe.
“iFarm is taking a novel approach to agriculture, offering an automated solution to grow crops close to the consumer and ensure food security. We believe that the future of the food market lies in modern technologies and are excited to support the project on its way.”