CropX Technologies has announced the successful completion of a Series C financing round, which saw the company raise a total of $30 million in funding. The funding round was led by Aliaxis SA, a world leader in fluid management solutions, and saw additional investment from Edaphon, Finistere Ventures, NTT Finance Corporation, OurCrowd, Reinke Irrigation, Yair Shamir and Victrix.
The funding will be used to drive the continued development of innovative capabilities for CropX’s agronomic farm management system and acquire companies with complementary technologies and market reach. Aliaxis and CropX will also continue to collaborate closely in the field of data-driven precision irrigation, with a focus on sustainability and increasing crop efficiency.
CropX CEO Tomer Tzach expressed his excitement over the funding, calling it a “huge endorsement from our investors of the value that we bring to our customers and shareholders, and the positive impact we are making on farms around the world.” Tzach also highlighted CropX’s recent acquisition of California-based precision irrigation company Tule Technologies and stated that CropX is “proud to be one of the consolidation leaders in agtech as we bring a complete, powerful and simple solution to farms and agribusinesses.”
What does CropX do?
Food production accounts for roughly 70 percent of total freshwater withdrawals globally, and efficient water usage in agriculture is becoming increasingly important. CropX's irrigation planning solution enables users to conserve irrigation water and boost yields while optimizing the use of energy and fertilizers. The company’s system also supports farmers in adopting more sustainable farming practices and has become a one-stop-shop for crop management.
Eric Olsen, CEO of Aliaxis, emphasized the importance of optimizing the use of water in agriculture. “Sustainable water management is at the heart of what we do at Aliaxis. Aliaxis Next is our division created to select, nurture and grow start-ups in the field of water management,” he said.
“CropX is the best in class for smarter irrigation systems in agriculture and we are thrilled to strengthen our partnership to allow farmers to save water while increasing crop efficiency and food production in a sustainable fashion,” Olsen added.
Vincent Vliebergh, managing partner of Edaphon, further commented on CropX’s real-time field data and agronomic expertise, noting that it “supports sustainable farm management and greater productivity to restore soil systems while still feeding a growing population.
“The implication of Aliaxis providing its industrial and research expertise as well as access to market is a great asset, sustainable farm management and greater productivity.”
CropX has over 100 employees in the US, the Netherlands, Israel and New Zealand and a large research and development department. The financial details of the agreement were not disclosed.