Feb 18, 2020Semios gets $75M in funding to expand large IoT network in agriculture
Semios, a precision farming platform for permanent crops, has raised $75 million U.S. in private equity funding to advance the development of its data-driven crop management solution. The financing was led by Morningside Group, a Boston-based private equity and venture capital firm. Since its founding in 2010, Semios has secured a total of $115 million U.S. in external capital.
According to a news release, Semios has seen revenues double year-over-year, on average, since 2015. The company’s rapid growth is the result of its relentless focus on providing precision farming solutions that address production challenges such as insect damage encountered by growers of crops including almonds, apples, pistachios and grapes.
“The Semios IoT network, the largest in agriculture, provides critical insights into the relationships between organisms and their environments, leveraging big data, machine learning and artificial intelligence,” said Semios CEO and founder, Michael Gilbert. “We amplify the experience and confidence of farmers by providing a clear picture of how environmental and agronomic factors influence the yield and grade of their crops. This investment will help us continue to deliver innovative solutions to the most pressing problems growers have told us they face.”
Semios collects sensory data on every acre in near real-time, helping farmers manage the complex biosystems in orchards to optimize the sustainability and profitability of their crops. Its cloud-based analytics platform ingests highly granular data from over one million IoT sensors in the field, measuring in-canopy microclimate, soil and plant conditions every 10 minutes. The 350 million data points collected daily feed established and proprietary models that provide guidance to improve agricultural practices addressing weather, insects, disease and water management challenges.
The funds raised enable Semios to accelerate research, development, partnerships or acquisitions to use in-field data to help growers around the world reduce chemical inputs, improve water management and increase crop outcomes.
“Capitalizing companies that are solving important and complex problems with data is an area of focus of our investment team,” said Mick Sawka, Investment Manager at Morningside Group. “Semios’ proven track record growing revenues through innovation is exemplary. Their work has made farming more environmentally sustainable, more productive and therefore enhanced the security of our food chain.”
Semios helps manage more than 150,000 acres of permanent crops, including over 500 farms in the United States. Its in-field data and control systems make it simpler and more efficient for growers to adopt technology to address their most pressing problems in crop production.
Semios CEO and founder, Michael Gilbert. Photo: Semios