The Argentinian agtech SIMA announced it closed a $2M investment round led by Xperiment Ventures. Other participants in the round were Sancor Seguros Ventures, VX Ventures and Bridge Partners.
SIMA offers farmers a simple platform to monitor, control, and analyze data to optimize crop yields. According to the startup,
“SIMA is a solution for farmers designed by farmers. We know the sector’s problems firsthand, we know that agriculture is a very complex system and cannot be addressed by ‘one size fits all’ solutions, that is why we develop strategic integrations with the main agricultural platforms to offer a complete solution that addresses the main problems of our users.”
Through an application, the startup has built a structured and reliable source of data that generates valuable insights for customers. With this powerful database, SIMA can develop automatic learning models and create real value for the startup’s users. Currently, SIMA’s technology monitors 5 million hectares of land in Argentina, Uruguay, Paraguay and Brazil.
In addition, the startup is working with NASA’s Harvest program and the University of Maryland on the optimization of an algorithm for yield estimation: SIMA Harvest. This is a Machine Learning algorithm that predicts corn, wheat, and soybean yields from the middle of the season, with an accuracy rate of more than 80%. This is achieved thanks to the integration of satellite data together with the large volume of anonymous data from SIMA.
The company will use the new funding to strengthen its presence in the region, particularly in Brazil and Mexico. According to SIMA’s CEO Andres Yerkovich:
“We want to be the leading agricultural digitalization company in Latin America. We are going to strengthen our presence, mainly in Brazil and Mexico. We want to replicate SIMA’s success in Argentina, where we are the leading digital monitoring provider.”
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