BeeHero raises $42 million Series B for precision pollination platform
BeeHero raises $42 million Series B for precision pollination platform
The Israeli startup uses advanced data analytics, AI, and low-cost IoT sensors to bring transparency and efficiency to the complex logistics of commercial crop pollination
BeeHero, which has developed a precision pollination platform, announced on Thursday that it has completed a $42 million Series B funding round. Lead investor Convent Capital was joined by General Mills, Cibus Capital (formerly ADM Capital), Rabobank, MS&AD, Firstime, J-Ventures, Plug&Play, iAngels, Gaingels, UpWest, and more. To date, BeeHero has raised $64 million.
This new round of funding will enable BeeHero to further invest in R&D and help generate more data and insight into the sustainable agriculture ecosystem it is building to address the issue of global food security.
The company was founded in 2017 by Itai Kanot, Omer Davidi, and Yuval Regev, and operates out of Tel Aviv and Silicon Valley, employing 50 people, 30 of which in its Israeli R&D center.
BeeHero uses advanced data analytics, artificial intelligence, and low-cost IoT sensors to bring transparency and efficiency to the complex logistics of commercial crop pollination. BeeHero's Precision-Pollination-as-a-Service aims to provide better crop yields and increased profits for commercial crop growers and agribusiness stakeholders.
“The investment from General Mills is a massive achievement for us. Agriculture is very important to them and they identified the pollination problem long ago and that there are ways to address it,” Davidi told Calcalist. “They are a strategic investor that will open doors for us going forward. The recession has meant that clients are trying to be more efficient and our solution helps them do that.”
BeeHero has invested several years in building the world’s largest bee and pollination dataset. The company is working hard to understand more about how this data can help to further optimize pollination, the crucial biological process that a majority of crops depend on. Moving forward, the company plans to integrate new platform tools to further support growers with an even more accurate, real-time view of their crop's development, leading to improved decision-making and ultimately better crop outcomes.
"We have seen firsthand the challenges our growers face from insufficient and inadequate pollination,” added Davidi. “To offset this, more and more farmers are adopting new technologies to meet the nutritional needs of our growing population. Our Precision Pollination as a Service Platform is a crucial tool farmers can rely on to improve their crop yields. This latest round of funding will help us continue to support the agricultural industry as it faces some of its toughest challenges yet, and is another step towards building a Sustainable Agriculture Ecosystem.”
With close to 100 thousand acres of high-value crops pollinated with BeeHero’s service, the company now serves growers, beekeepers, agronomists, and ag retailers across the U.S. Recently the company has begun its expansion into Australia, Europe, South Africa, and South America.
