Precision farming: BASF Venture Capital and TELUS Ventures investment in crop analytics start-up
18 Oct 2019 --- BASF Venture Capital and Canada’s TELUS Ventures are among the lead investors in a Series B investment round for UK start-up Hummingbird Technologies, an advanced crop analytics firm. The investment will fund advancements in remote sensing, artificial intelligence (AI), machine learning and data analytics for in-field precision farming.
Hummingbird Technologies has developed a technology platform to evaluate the condition of agricultural fields. It’s AI, deep learning and imagery analytics solution uses proprietary algorithms driven by aerial images captured from satellites, planes and unmanned aerial vehicles.
It processes image data to create precise harvest forecasts or accurately calculate how much fertilizer is needed. Hummingbird Technologies can also locate potential pest infestation, plant diseases or planting gaps using its high-resolution system.
These tools deliver real-time actionable recommendations, which both improve performance on farms through precise targeting of operations and inputs, as well as provide evidence-based justification and Return on Investment (ROI) proof for decision-making, according to the company.
Hummingbird Technologies can provide farmers and their advisors with “in-field zone maps that help them specifically target the application of fertilizers, crop protection products and growth regulators as well as selectively manage subsequent plantings.” This can happen within 24 hours, notes the company.
The start-up works with farm businesses that use this technology to manage their existing fields more efficiently and thus achieve significant yield increases and cost savings. There are approximately 2.2 billion hectares of agricultural land available worldwide. Key areas for the use of advanced crop analytics include Russia, Ukraine, China, the US, Australia, Canada, Brazil and the UK.
“The investment will allow us to augment our position in core international markets. We have a clear target to become the global remote sensing player in AgTech. With such strong institutional backers, and technical expertise behind us, our journey towards achieving this goal has gathered serious momentum,” says Will Wells, CEO, Hummingbird Technologies.
Other main investors include Saudi Agricultural and Livestock Investment Company (SALIC) and the British investment firm Downing Ventures.
Agricultural experts from BASF UK have been working with the start-up since 2016 and supply aerial images to farmers. Hummingbird Technologies analyzes these photos and gives farmers detailed maps of the various in-field zones for precision farming.
“We want to support Hummingbird to develop new markets for its unique technology and establish new business models,” says Markus Solibieda, Managing Director, BASF Venture Capital. “Our colleagues in BASF’s Agricultural Solutions division are already cooperating with Hummingbird. We are supporting these activities through this investment,” he adds.
“We believe innovative companies like Hummingbird Technologies – that provide farmers with data-driven, user-friendly platforms to drive decisions – have the potential for wide-scale adoption as farmers increasingly look for tools to improve their bottom lines and reduce their environmental impact,” explains Rich Osborn, Managing Partner, TELUS Ventures.
“Through our investment, we have the potential to change cultivation and help mature technology platforms to connect all aspects of the farm and food supply chain,” he concludes.
Edited by Gaynor Selby
