Resson has secured about $14 million (US$11 million) in a Series B financing. Monsanto Growth Ventures, the venture capital arm of U.S. agriculture multinational Monsanto, led the round. It was joined by existing Canadian investors Build Ventures, Rho Canada Ventures, New Brunswick Innovation Foundation, BDC Capital and East Valley Ventures. Fredericton-based Resson is a developer of technology that uses cloud-based predictive analytics together with drones and swarm robotics to help improve agricultural productivity. It is currently expanding product development and sales and marketing activity, hiring technical staff, and opening an office in San Jose, California.
Resson Closes on $11 Million Series B Investment to Expand Agricultural Analytics Capabilities
—Resson Takes Big Data to the Farm with Boost from Monsanto Growth Ventures—
FREDERICTON, CANADA (June 22, 2016) — Resson, a fast-growing data-driven agriculture technology company, today announced that the global agriculture company Monsanto, through its venture capital arm Monsanto Growth Ventures, is now backing Resson as a strategic investor. Monsanto Growth Ventures is the lead investor in Resson’s $US11 million (approximately CDN$14 million) Series B investment round.
Resson helps large and small agriculture companies, agricultural service providers and individual growers boost productivity and profits with near real-time predictive analysis for crop management. The company’s Resson Agricultural Management and Analytics System (RAMAS®) integrates large-scale cloud-based data analytics with sensor fusion and robotic platforms to assess crop status and health, providing operators with the information required to optimize agricultural operations.
“Resson has been able to scalably move beyond NDVI (Normalized Difference Vegetation Index) to detect and diagnose in-season anomalies impacting yield,” said Ryan Rakestraw, Venture Principal at Monsanto Growth Ventures. “We envision this impressive data-driven technology helping to improve yields, while reducing costs across a number of crops and cropping systems. We’re looking forward to working closely with Resson as its team continues to develop a predictive solution that could benefit the entire global agriculture industry.”
Resson is currently expanding its product development and sales and marketing efforts, and adding staff to its technical development team in Fredericton while also opening a new business office in San Jose, Calif.
“Monsanto is one of the world’s top agriculture companies and its support will help us continue to develop a product that helps large and small farms improve crop production,” said Jeff Grammer, Resson Executive Chairman.
Other investors in Resson’s Series B round include Build Ventures, Rho Canada Ventures, New Brunswick Innovation Foundation, BDC Capital and East Valley Ventures.
Resson is a bioinformatics and predictive analytics company that uses large scale data analytics, together with drones and swarm robotics, to help major agricultural producers create efficiencies to maximize production and profit margins. Find out more at www.resson.com
Cautionary Statements Regarding Forward-Looking Information:
Certain statements contained in this release are “forward-looking statements,” such as statements concerning the company’s anticipated financial results, current and future product performance, regulatory approvals, business and financial plans and other non-historical facts. These statements are based on current expectations and currently available information. However, since these statements are based on factors that involve risks and uncertainties, the company’s actual performance and results may differ materially from those described or implied by such forward-looking statements. Undue reliance should not be placed on these forward-looking statements, which are current only as of the date of this release. The companies herein disclaim any current intention or obligation to update any forward-looking statements or any of the factors that may affect actual results.
Photo courtesy of Resson