iFarm Project secures US$1m investment to boost its automated farming facilities

13 Feb 2019 --- Russian modular automated farms start-up iFarm Project has received a US$1m investment, which will be partly used to expand its reach and fund a pilot project in Europe.

iFarm Project has created technology allows for the year-round production of vegetables, salads and berries via automated vertical farming greenhouses. The company says it seeks to promote urban crop production through its “easy-to-use plug-and-play modules” and is mainly aimed at small and medium enterprises.

The automated farm units can be set up in workshops, basements, empty warehouses and even on the roofs of buildings. Each farm is connected to a cloud-based management system, which sets the growing conditions and a unified network of sales distribution. iFarm supports that no pesticides are used and crops are not chemically treated for long-term storage because delivery to sales outlets can happen within an hour of harvest.

iFarm Project was founded in June 2017 by Alexander Lystovsky, Maxim Chizhov and Konstantin Ulyanov. By the end of 2018, the company had formed a team of more than 30 professionals in agriculture, IT, engineering and sales, built five greenhouses and vertical farms, opened its own shop and set up partnerships with restaurants and food retail. 

Spearheaded by Gagarin Capital, a VC firm that invests in high-tech and AI companies, the list of investors includes Sergey Ryzhikov, CEO of 1C-Bitrix, Sergey Ambrosov, Board of Directors Member of the Russian Association of Franchising and former CEO of Invitro, and Artem Rudi, co-founder of Atlas clinics and the Uniscan Research company. 

“Gagarin Capital invests in AI startups and iFarm is a good fit for their portfolio,” iFarm Project’s PR Manager, Anastasia Shvetsova, tells FoodIngredientsFirst.

“The investments from this round will be used to develop technology and expand the team, including engineering, construction and agro projects teams, as well as to pilot the technology in the European market. iFarm is planning to open its first pilot project in Europe in Q2 2019,” she explains.

“iFarm is a global company that plans to build farms around the world. The model of the most automated, modular solutions allows you to quickly scale up and enter new markets,” says Shvetsova. “Within five years, the company plans to enter the markets of EMEA (Europe, Middle East and Africa), Asia and further scale up towards North and Latin America.”

Vegetable-growing recipes can be downloaded from a centralized database, making it possible to grow goods at the press of a button, eliminating the need for excessive agricultural knowledge. The modules also include seeds, fertilizers and electronics, all optimized for an urban environment and require significantly less electricity, water and fertilizer than conventional greenhouse methods, according to the company. 

By Kristiana Lalou