GrainSense secures EUR 1.9M in additional funding for a crop control device.
GrainSense, an Oulu, Finland-based company developing a device that allows farmers to monitor their crops in real time, announced in a press release that it secured a pre-round A investment of 1.9 million euros ($2.2M).
The money comes from two undisclosed private investors from Northern Europe and existing investors, exceeding the originally planned amount, and preparing the grounds for the upcoming A-series round scheduled for early 2019.
GrainSense was founded in 2014 as a spinoff from VTT by Ralf Marbach and Yka Marjanen and is led by CEO Edvard Krogius. The company developed a wearable that allows farmers to collect a fast and accurate measure of the grain in real time, and which measures the protein, moisture, oil and carbohydrate content in cereals and other crops, providing key indicators that determine the value of the crop and the cost of processing it.
The device is powered by a battery, the measurement time is a few seconds, it takes only a few grains and a few seconds to perform each measurement. The service includes a mobile application with a positioning function (GPS) and the ability to connect to cloud storage, which provides a set of additional services to improve productivity and profitability.
GrainSense has launched its product in the spring of 2018 and has sold over 100 items in the markets of Sweden, Finland and the Baltic States. The retail price goes for €3,900 with an additional yearly subscription of €250 per year per account.
Prior to this deal, Grainsense raised €1.4 Million from VTT Ventures Ltd, its distributor, Berner Ltd, and from un-named three Nordic private investors with an agricultural background.