Brazilian agtech Smartbreeder raised $2.9M in funding from EcoEnterprises Fund. The round comes six years after their $1.5M Series A in March 2018.
Smartbreeder will use the funds to strengthen its position in the sugar-ethanol industry, expand into other agricultural sectors like grains and fibers, and invest in internationalization and knowledge transfer programs.
Smartbreeder uses big data and artificial intelligence to help companies improve their agricultural processes and become more sustainable, increasing yields and efficiency across different crops and agricultural sectors.
“Brazil is a global leader in agriculture, and we believe that Smartbreeder’s solutions can transform global best agricultural practices as the world adapts to a changing climate,” said John McKenna, Managing Director at EcoEnterprises Fund.
Founded in 2009, Smartbreeder’s solutions are used on over 3 million hectares across six Brazilian states, generating $3.8M in revenue in 2023.
Read more on Startupi