Specializing in digitization solutions for the agri-food sector, the Ticino start-up xFarm Technologies announces that it has raised 17 million euros. According to the firm’s press release, this is one of the largest series B rounds in the agritech sector in Europe. xFarm had already raised 3 million euros in 2019.
With the amount of the recent funding round, led by Swisscom Ventures, the young Swiss-Italian company intends to expand its teams, from 60 to 80 employees by the end of the year. The objective is also to develop its agricultural management information system (FMIS, for Farm Management Information Systems). xFarm’s proprietary platform promises to make it easier to manage the needs of farmers, machinery manufacturers and everyone in the agri-food supply chain. The start-up intends to enhance its FMIS with new features “aimed at boosting sustainability performance and working with other supply chains, such as livestock management, through technologies such as artificial intelligence ( IA),” the statement read.
“Digital platforms combined with the Internet of Things are fundamentally changing agriculture. The next wave of adoption creates the foundations to produce more sustainably while facing the challenges of climate change,” says Alexander Schlaepfer, partner at Swisscom Ventures and new board member of xFarm Technologies.