Flyover Capital has joined a $4.1 million funding round for agri data and analytics company Agrible, closing a raise led by Serra Ventures in the summer of 2015.
The company plans to use the funding to grow sales for its line of data collection and analytics products aimed at identifying risks from disease and insects and monitoring soil and crops.
“This funding lets us continue developing products … that push the boundaries of what is possible with big data and agriculture,” said Agrible chief executive, Chris Harbourt in a statement.
Kansas-based Flyover Capital focuses on seed and early-stage tech companies in the US Mid-West region. Agrible is the company’s first agribusiness investment. The company’s general partner, Keith Molzer, told Agri Investor that Agrible’s diverse line of products and technical expertise make it stand out among a growing crowd of data- and analytics-focused agtech companies.
“They have some of the best tech people I’ve seen on a team,” he said. “There’s a lot of people trying to get in this area. We think that Agrible has the secret sauce. They’re not just focused on one thing. They’ve got a suite of products that are cutting edge for ag producers, and I think that’s what will separate them from some of the other ones.”
Flyover Capital is not close to finalising any other agtech investments, Molzer said, but the firm’s regional focus on the US Corn Belt puts it in constant contact with agri-related start-ups. The venture capital group has raised nearly $46 million for its first fund, according to filings with the US Securities and Exchange Commission.
“We’re looking to make 20 to 25 investments in that half million to $3 million tranche,” he said.
Serra Ventures, a venture capital group focused on early-stage tech companies, and publicly traded agriculture company Archer Daniels Midland announced their commitment to the Series A round in July 2015.