WebsiteGear Logo Log In
New User? Sign Up
About | Contact | FAQ
  Home News Web Hosting Computer Hardware Thursday, August 22, 2019 
Add Press Release News | News Feeds Feeds | Email This News Email


GAMAYA Closes CHF 12 Million Series B to Expand Crop Intelligence Solutions Together With Its Partners
Friday, July 19, 2019

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 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."

View original content to download multimedia:http://www.prnewswire.com/news-releases/gamaya-closes-chf-12-million-series-b-to-expand-crop-intelligence-solutions-together-with-its-partners-300887428.html

SOURCE Gamaya SA



Email This News Email | Submit To Slashdot Slashdot | Submit To Digg.com Digg | Submit To del.icio.us Del.icio.us | News Feeds Feeds

RELATED NEWS ARTICLES
Nav Konami Recognized for its Games and Systems Strength in Casino Journal's Top 20 Awards | Aug 21, 2019
Nav Automotive Hypervisor Market Size Worth $698.2 Million by 2025: Grand View Research, Inc. | Aug 21, 2019
Nav Panzura Delivers High Performance Vizion.ai Log Analytics Service with up to 75% cost savings | Aug 21, 2019
Nav China Energy Management System Market to Exceed USD 2 Billion by 2024: Global Market Insights, Inc. | Aug 21, 2019
Nav Corsa Security to Transform Network Security with New Financing | Aug 21, 2019
Nav Nixplay Signs Distribution Agreement With Sherpa Group | Aug 21, 2019
Nav Cook & Boardman Launches New E-Commerce Website & Customer Portal | Aug 21, 2019
Nav Silex Wifi Module Selected by Renesas to Securely Connect IoT devices to Amazon Web Services | Aug 21, 2019
Nav The August 2019 Edition of the Crystallography Times Newsletter is Now Online | Aug 21, 2019
Nav Outlook on the Global High Purity Alumina Market to 2025 - Market Value & Volume Set to Grow at a CAGR of 19.4% & 16.7%, Respectively | Aug 21, 2019
NEWS SEARCH

FEATURED NEWS | POPULAR NEWS
Submit News | View More News View More News