The Seed round was co-led by At One Ventures, and the Industrial Innovation Venture Fund of BDC Capital, with participation from Fulcrum Global Capital and Golden Opportunities Fund.
Precision AI, a computer vision and robotics company empowering sustainable farming practices, announced the closing of $20 million in equity and grant funding. The Seed round was co-led by At One Ventures, founded by GoogleX co-founder Tom Chi, and the Industrial Innovation Venture Fund of BDC Capital, with participation from Fulcrum Global Capital and Golden Opportunities Fund, with supporting non-dilutive co-investments from Sustainable Development Technology Canada and Protein Industries Canada.
The financing will support the advancement of a disruptive precision farming platform that deploys swarms of artificially intelligent drones to dramatically reduce herbicide use in row crop agriculture.
Precision AI’s drone-based computer vision technology enables surgically precise application of herbicide to individual weeds in row crop farming. By spraying only weeds and avoiding the crop, yields can be maintained at a fraction of the chemical cost. Ultimately, the company’s vision is to deploy hives of intelligent drones that will automate the crop protection process throughout the entire growing season, optimizing every square inch of farmland on a per-plant basis.
Daniel McCann, CEO and founder of Precision AI said, “Using artificial intelligence to target individual weeds is a quantum leap in efficiency and sustainability over today’s practices of an indiscriminate broadcast application of herbicide. Herbicide spraying is one of the least efficient agricultural activities, with over 80 per cent wasted on bare ground and another 15 per cent falling on the crop. While competitors have focused on high-value, low acreage crops, Precision AI’s disruptive approach to drone swarming allows for application on large acreage crops at a much lower cost than traditional large farming machinery. It holds the promise to reduce pesticide use by up to 95 per cent while maintaining crop yield and saving farmers up to $52 per acre per growing season”.
“We were immediately struck by Precision AI’s unique combination of drone technology with precise chemical application. Not only can it minimize toxic runoff to protect waterways and downstream ecology, but also reduce farmers’ operating costs and increase their revenue with a zero-chemical residue label,” said Laurie Menoud, Partner at At One Ventures and member of the Board of Directors.
” Precision AI’s technology, by applying Artificial Intelligence technologies in the field, will reduce reliance on crop inputs and enable benefits to farmers, the broader food supply chain, and the environment. We are hopeful that Precision AI can be among the next generation of Agtech solutions that change the industry,” said Joe Regan, Managing Partner, Industrial Innovation Venture Fund, BDC Capital, who will be joining the Board of Directors.
The Seed round was co-led by At