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FarmLogs Raises $4 Million In Series A Funding

Jan 15 2014, 6:11am CST | by

FarmLogs Raises $4 Million In Series A Funding
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FarmLogs is a farm management software startup that builds tools for helping farmers increase their productivity and efficiency. FarmLogs participated in the Y Combinator startup accelerator program in the winter of 2012. Today FarmLogs has announced a $4 million Series A round of funding led by Drive Capital.

Drive Capital is an Ohio-based venture capital firm that was founded in 2012 by two former Sequoia Capital executives. Drive Capital co-founder and partner Mark Kvamme is joining the FarmLogs board of directors. FarmLogs’ previous investors Huron River Ventures, Hyde Park Venture Partners and Hyde Park Angels also participated in this round. FarmLogs raised $1 million in seed funding about a year ago.

FarmLogs co-founder Jesse Vollmar grew up on a farm in Caro, Michigan, which is how he has gained a lot of experience in determining what tools farmers need to increase yield and profits. Vollmar was recently featured in the FORBES 30 Under 30 list for the energy and industry category.

FarmLogs has many features and is building additional tools. Some of the current features include crop history, market price analysis, record keeping and rainfall information. FarmLogs is using machine learning to predict the next crop on a field and will automatically build plans around that rotation, which is a feature that will be coming soon. Vollman also told me that FarmLogs is building proprietary geofencing algorithms to detect when an activity is being performed in a field using GPS data from the mobile app. And FarmLogs is building hardware to grab data that is collected from modern farm equipment for real-time analysis.

Based in Ann Arbor, Michigan, FarmLogs has been able to benefit from being located in the Midwest. In my last interview with Vollmar, he told me that being located in the Midwest gives them the “opportunity to be within a day’s drive of the Corn Belt.”

FarmLogs plans to use the new round of funding to expand their team and for aggressively building out their product roadmap this year. Currently FarmLogs works with farms in all 50 states and 130 countries. Their services are currently used by over 5% of row-crop farms in the U.S.

“We think we’ve only just begun to scratch the surface with what technology can do for the agriculture industry. We will be building our farming platform for many years to come,” said Vollmar in an interview with FORBES about the funding news.

Source: Forbes

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