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Saturday, January 28, 2023

A big win for Agtech AI? Prospera acquired by Valmont for $300M

Prospera, an Israeli startup in the agricultural technology sector, revealed that it would be purchased by Valmont, a U.S. producer of farming infrastructure, for a total of $300 million. Only $26 million has been raised by the Israeli business to date. Employees of Prospera will get Valmont stock options as part of the agreement.

Attempting to lead A.I. in the agriculture sector

Israeli firm Prospera creates technologies that leverage specialized, in-house built sensors to automate continuous data collection from the fields. The information is subsequently sent to the cloud for in-depth study and includes photographs, information about the soil and weather, and a satellite view of the fields. Prospera employs cutting-edge machine learning algorithms to detect increases in disease, pests, and nutrient or water shortages for the crops, as well as to manage the overall health and development of the crops.

The Prospera system also enables the forecasting of weekly and seasonal output as well as the identification and enhancement of farmer labour. By doing this, farmers and businesses using the Technology can use fewer harmful pesticides and fertilizers, which are bad for the soil and groundwater. This has a double benefit for farmers because they have to do less effort and save money at the same time by using herbicides and water more wisely and growing crops that are more robustly.

To continuously increase agricultural yields, the company’s computerized crop monitoring system gathers, organizes, and evaluates all pertinent crop data. By giving farming businesses a consolidated dashboard and greater control, Technology aids in their transition to the digital era and boosts production and predictive analytics.

Prospera latest years performance

Prospera and Valmont first connected in 2019, when their businesses teamed up to research innovative ways to manage vast crop fields using A.I. CEO Daniel Koppel, Shimon Shpiz, and RavivItzhaki launched Prospera in 2014. 90 people work at the company, which has offices in the United States, and Israel. In addition to other significant alliances, the company had previously worked with German life sciences behemoth Bayer to introduce A.I. to greenhouse growers.

The maker of AI-based sensors and cameras to help farmers monitor crops was founded in 2014 and had raised $22 million from investors.

(ToI)-Valmont Industries, Inc., a U.S. manufacturer of irrigation and infrastructure equipment, said on Wednesday it had signed an agreement to buy Israel’s Prospera Technologies, a maker of AI-based sensors and cameras for monitoring crops, for U $300 million.
The acquisition is the culmination of a two-year strategic partnership established between the companies in 2019.

Expand the use of Technology

With in-field cameras and weather sensors, Prospera enables farmers to accurately manage their fields remotely with real-time analytics of what’s happening with their crops, leaf by leaf and across multiple fields, multiple crops. This access allows them to address critical issues of under-yielding fields caused by pests, diseases, irrigation, nutrient deficiencies, and suboptimal agrotechnical activities.

The solutions are cost-effective and scalable, allowing farmers to farm more efficiently and sustainably. They also ensure that water; pesticides and fertilizers are used only as needed and allow the highest potential crop yield to be delivered to the market.

According to the statement, the deal is expected to close in the second quarter of 2021.
Since 2019, Valmont and Prospera have worked to integrate artificial intelligence technologies to develop real-time crop analytics and anomaly detection solutions, resulting in more and more farmers using the technologies with the greatest benefits for growers, according to the notice.
Using Prospera’s Technology, the association has expanded its smart solutions, monitoring five million acres in 2020 against an original estimate of one million, with twice as many growers using the service compared to 2019. The statement said that grower adoption is expected to double in 2021 with further acceleration in the near term.

Prospera is also expected to expand its talent pool.

The statement said that Prospera’s senior leadership team and its 90 workers will continue to work at the company after the deal closes.

Prospera, which was founded in 2014 by Koppel, Shimon Shpiz, and RavivItzhaky, has received funding from companies like Bessemer, Qualcomm, Cisco, More VC, and Tekfen. The startup has been listed among the World Economic Forum‘s Tech Pioneers and C.B. Insights’ Top 100 AI Companies. According to Start-Up Nation Central’s database, Prospera had raised $22 million from investors.

Valmont is a leading provider of highly designed goods and services for infrastructure and agricultural projects on a global scale. Provides irrigation equipment and services for large-scale agricultural facilities. Its infrastructure products serve the highway, transportation, wireless communications, electrical transmission, and industrial construction and energy markets. The U.S. firm also provides coating services that protect against corrosion and improve the useful life of steel and other metal products.

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