Israeli-based agtech company SupPlant has raised $27 million to accelerate the development of its data-driven irrigation products.
The funding round was led by Red Dot Capital Partners with principal Atad Peled joining SupPlant's board of directors.
Mr Peled said Red Dot had been impressed by SupPlant's abilities and recent expansion into strategic markets.
"We were also inspired by their goal: working with smallholder farms, who usually do not have access to agtech," he said.
"Food security will be a major issue in coming years, and we feel certain SupPlant's solution will have a stand-out role in it."
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Boresight Capital Menomadin Foundation, Smart-Agro Fund, Mivtah Shamir, Deshpande Foundation, PBFS and Maor Investments also contributed funds.
This brings SupPlant's total funding to more than $46m.
Using sensors, agronomic algorithms, artificial intelligence and cloud-based technology, SupPlant is able to provide farmers with timely irrigation advice.
SupPlant CEO Ori Ben Ner said the funds would allow the company to invest more in the Australian market as well as opening up other markets.
As a result of the Abraham Accords and geopolitical shifts, the company recently expanded into two new markets - the United Arab Emirates and Morocco.
"We also plan to continue to develop our product in order to help farmers in Australia fight climate change," Mr Ben Ner said.
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