Funding for agri-drone companies in a time of corona: futurism or folly?
By Richard Martyn-Hemphill (AgFunder)
6 July 2020
AgroScout was in the final stages of negotiating a late-seed-stage funding round when coronavirus struck. The Israeli remote sensing startup watched venture dealmaking grind to a halt. But the team managed to eke out $3 million in commitments.
“They were already committed, so they’ve committed to this,” AgroScout’s CEO Simcha Shore tells AFN.
The success of AgroScout’s round is all the more remarkable because drone companies aren’t exactly the latest hot thing in agritech. According to AgFunder research, such tech reached its funding peak five years ago, when investors committed $326 million to startups promising an agricultural future where skies were filled with super-agronomist drones, capable of mapping or spraying fields with unprecedented efficiency and precision.