Vancouver-based Semios, an agtech provider of real-time crop data, announced on Sept. 29 that it has raised $100 million in funding led by Morningside Group, a Boston-based private equity and venture capital firm.
Semios said the funding will be used to accelerate R&D and expand internationally to help growers reduce chemical inputs, better manage water, organize farming data, and improve crop outcomes. UBS Investment Bank acted as the exclusive placement agent for Semios.
“Semios is on a mission to simplify the grower’s experience, leveraging big data analytics and machine learning to help them mitigate crop risk so they can focus on growing more food, more sustainably,” said Dr. Michael Gilbert, CEO of Semios. “We have seen firsthand the challenges our customers are facing in the field – from severe drought and devastating fires, to frost, reduced profitability, and an increasing regulatory burden. But, in the face of these challenges, farmers are adapting to meet the nutritional needs of our growing population with new technologies.”
Semios, which was founded in 2010, utilizes a network of sensors that provide more than 500 million data points measuring climate, soil moisture, and insect and disease activity daily to help growers minimize crop risks. The company has more than 120 million acres of row and permanent crops under management, serving growers, agronomists, and ag retailers across the U.S., Canada, Australia, New Zealand, Europe, and South Africa.
“Morningside invests in companies committed to tackling pressing global challenges head on,” said Mick Sawka, Investment Manager at Morningside Group. “The ability to not only maintain but also enhance the sustainability of our food systems amid the complex dynamics of a changing climate is one of the world’s most pressing needs of our time. Semios is a leader in helping farmers respond to this challenge, and we’re proud to stand beside them.”
Semios has raised more than $225 million in external capital to date. Last year, the company announced $100 million in funding, also led by Morningside Group, that helped it acquire Altrac, Centricity, and Agworld in 2021 (GM Sept. 3, p. 29).
“Our recent acquisitions are aimed at bringing the tools farmers need to manage their crops under one roof,” Gilbert said. “This latest round of funding will help us continue to support the agricultural industry as it faces some of its toughest challenges yet.”