Farmbot Monitoring Solutions, a leading company in Internet of Things (IoT) agriculture, has successfully raised $4.6 million in funding, surpassing its initial target of $3 million. This funding will enable the company to further expand its presence in the United States.
Among the investors supporting Farmbot’s latest funding round are Telstra and Macdoch Ventures, both of which have been long-standing supporters of the company. Telstra, in particular, has been an investor in Farmbot for the past decade and has made multiple investments in the company, including a $2.7 million Series A in 2021 and an additional $2 million in December 2022.
In addition to its existing investors, Farmbot’s recent funding round has also garnered support from high-net-worth investors in the ranching sector in the United States, as well as from senior executives within the company’s US subsidiary, Ranchbot.
Farmbot’s IoT platform, known as MyFarmbot, plays a crucial role in monitoring water and other inputs for farmers. By providing real-time alerts and reporting on water trends, as well as remote control of infrastructure, the platform enables farmers to improve their management, operations, and resource allocation. Through the use of predictive analytics, MyFarmbot not only helps cut labor and fuel costs but also enhances sustainability outcomes.
With its manufacturing plant based in Dallas, Texas, and its headquarters located in Fort Worth, Farmbot is well-positioned to cater to the vast market opportunities in the United States. The company’s expansion efforts in the US, specifically through its subsidiary Ranchbot, aim to tap into a market that is ten times larger than Australia’s.
By securing this additional funding, Farmbot Monitoring Solutions is poised to make significant strides in revolutionizing IoT agriculture and driving sustainable practices in the industry.