Second Round of $4.5M Funding to Scale SaaS for PowWow, Now AgMonitor
Silicon Valley engineers and Central Valley growers validate cost-saving, revenue-boosting and regulation-compliant AI platform
SAN MATEO, Calif.–(BUSINESS WIRE)–October 13, 2020–
Agmonitor Inc. (formerly PowWow Energy Inc.) announces $1.5M in new private investments provided by SaaS leading expert and multi-generational farmers.
As with the company’s 2016 Seed round, this second round of financing was complemented by a grant of $3M from the California Energy Commission to further develop irrigation scheduling and mobile application features and help underserved farming communities. AgMonitor will present at the EPIC Symposium on October 20 on how to apply technology to help build a water resilient food system.
Said company’s Founder and CEO Olivier Jerphagnon, “The name change represents the simplicity of our AI platform, which now covers water, energy, and crop management — especially valuable in uncertain times. The platform works well, driving strong results in installations over 100,000 acres on a diversity of crop types.” Closing this round during the 2020 pandemic was enabled by the company’s reassuring steady growth. It supports the necessary digital transformation that farms and food processors have undergone to increase profits under the constraints of industry uncertainty.
“I have seen the AgMonitor team bridge the gap between Silicon Valley’s innovation and efficiency, and the Central Valley’s grower needs and values,” said Cannon Michael, a sixth-generation diversified grower from Los Banos, California. “They listen and have delivered value consistently in managing our energy costs.”
“I can’t think of a better partner than AgMonitor,” stated Vincent Ricchiuti of Enzo Oil, a fourth-generation grower and now food processor in Fresno, California. “Our organic almond production and our organic olive oil quality have dramatically increased since we selected their water and crop management platform.”
Cannon Michael will join the AgMonitor Board of Directors to represent the farming industry. A veteran from the SaaS industry, Marylou Tyler, will lead the SaaS sales and customer success program. “Scaling predictable revenue is about engaging your customers in meaningful conversations and delivering great value so that your customers are your best promoters,” she stated. “I was impressed how the team adapted to the needs of farming.”
About Agmonitor Inc., formerly PowWow Energy Inc.
Agmonitor Inc. (www.agmonitor.com), formerly PowWow Energy Inc., is a technology company founded with the mission to provide “answers, not just data” to the food, energy, and water sectors. It provides a farming decision-support tool that leverages machine learning to solve practical problems in agriculture. It is perfectly suited for growers who want to increase their profit margins and pass a sustainable farm onto the next generation.
What is different about the AgMonitor software platform? It delivers value on day-one using public data and patented algorithms and it continues to increase the profitability of the farms each season by integrating on-farm data and connecting accountants, agronomists and ranch managers using its Enterprise Software platform.
For more information on Agmonitor Inc. visit www.agmonitor.com.
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