Le Lézard
Classified in: Mining industry, Transportation, Science and technology, Business
Subjects: ACC, VEN

GAMAYA Closes CHF 12 Million Series B to Expand Crop Intelligence Solutions Together With Its Partners


MORGES, Switzerland, July 19, 2019 /PRNewswire/ -- Gamaya, a prominent and rapidly growing Swiss AgTech company, active in the field of digital agriculture, announced it has raised 12 Million CHF in a Series B financing round, including 4.2 Million CHF raised via convertible bonds earlier. The financing round was led by Mahindra & Mahindra, a global Indian enterprise with an established footprint in agriculture via its Farm Equipment Sector. Existing investors ICOS Capital and VI Partners have also joined the round.

 

Gamaya Logo

 

Gamaya develops high-value crop solutions for its partners and customers based on drone and satellite imagery. Gamaya is an innovator in hyperspectral imaging, embedded cameras, and artificial intelligence. It has developed a unique hyperspectral camera and IP around the translation of spectral imaging data into actionable insights using machine learning. Gamaya works with partners to complement its outstanding technological capabilities with local agronomy knowledge and market access.

"We strongly believe in partnering, and having a strategic investor like Mahindra & Mahindra will help open new doors and develop our ability to combine our technological expertise with the agronomic and market understanding of strategic partners. We've been working with Mahindra & Mahindra for a few years now and this successful work materialized in Mahindra's decision to make an investment," said Yosef Akhtman, CEO of Gamaya. "We are happy to see that our existing financial investors also joined the round and believe in the great potential of Gamaya."  

Mahindra & Mahindra (M&M) is the world's largest tractor manufacturer by volume with a +40% share of the tractor market in India. Several years ago the company began to actively expand beyond its home market and made a number of strategic acquisitions in different countries to source advanced technologies and to build on-ground presence. In India, Mahindra & Mahindra's footprint stretches beyond farm equipment into chemicals, seeds and agronomy advisory. M&M's strategy is to use digital and precision farming technologies to add value to its tractors and farm equipment and provide a fully integrated service to farmers. M&M already has several ongoing digital agriculture services including the digital advisory app MyAgriGuru that provides information critical for the daily decision-making of farmers as well as Tringo, a digitally enabled service that allows farmers to rent tractors and other farm equipment.

Speaking on the strategic partnership, Rajesh Jejurikar, President, Farm Equipment Sector Mahindra & Mahindra said, "With agriculture increasingly becoming technology-intensive, we at Mahindra are investing in the future-ready technologies to provide complete solutions to the global farming community. Our strategic association with Gamaya will enable us to develop and deploy next-generation farming capabilities such as precision agriculture and digital farming technologies. With this partnership, we expect to set new benchmarks in farming and its related services."

After four years of developing leading-edge imaging technologies, Gamaya now is at the doorstep of commercializing them. The investment will enable the company to focus on commercial activities, further strengthen the commercial team and grow a local presence in target markets. Gamaya will continue investing in building an industrial and scalable IT infrastructure and hardware to support business needs. Building partnerships and launching strategic product development activities based on our core technology are among the key priorities for the company.

"Digital technology will deliver high-quality actionable information to help farmers realize higher yields while also improving the sustainability of agriculture," says Nityen Lal, Managing Partner at ICOS Capital, who are investors in Gamaya. "Gamaya has advanced technology that is already delivering tangible benefits to farmers. The partnership with Mahindra & Mahindra will accelerate the global rollout of Gamaya crop solutions."

Logo - https://mma.prnewswire.com/media/949033/Gamaya_Logo.jpg

 


These press releases may also interest you

at 17:57
Nelson Global Products Inc. ("Nelson"), a global leader in the design and manufacture of thermal management, acoustic, air and fluid mechanics, and structural solutions announced today that they have reached a mutual agreement with Donaldson Company,...

at 17:55
Pretium Resources Inc. ("Pretivm" or the "Company") announces that it has filed a preliminary short form base shelf prospectus with the securities commissions in each of the provinces and territories of Canada. The base shelf prospectus, together...

at 17:15
The "Autonomous Trains Global Market Report 2020-30: COVID-19 Growth and Change" report has been added to ResearchAndMarkets.com's offering. This report provides the strategists, marketers and senior management with the critical information they...

at 17:10
New Era Minerals Inc. announced today that it has received notice from the Government of the Xinjiang-Uyghur Autonomous Region Department of Natural Resources ("Xinjiang DNR") of deficiencies in its application for the extension of the exploration...

at 17:05
MAG Silver Corp. ("MAG") announces that, pursuant to a transaction (the "Transaction") among Reyna Silver Corp. (formerly named Century Metals Inc.) (the "Issuer"), Reyna Silver Mining Inc. (formerly named Reyna Silver Corp.) (the "Target") and a...

at 16:30
Vision Lithium Inc. (the "Company" or "Vision Lithium") announces that it granted 2,500,000 incentive stock options to certain directors, officers and employees of the Company, pursuant to the Company's incentive stock option plan. Each option is...



News published on 19 july 2019 at 03:00 and distributed by: