Bowery Raises USD 50 Million in Series B, Opens Third Farm in Baltimore

By StartUp City | Friday, November 08, 2019

The new farm will be 3.5 times larger than Bowery's previous facility. The network of farms communicates using Bowery's software and benefits from the collective intelligence of more than two years of data. The company's proprietary software system, BoweryOS, makes use of vision systems, automation technology, and machine learning to monitor plants continuously and all the variables that drive their growth.

FREMONT, CA: New York-based indoor farming startup Bowery raised USD 50 million in a Series B funding round led by Temasek and participation from Henry Kravis, co-founder of Kohlberg Kravis Roberts & Co. The funding comes in 11 months after the startup raised USD 90 million in a Series A funding round. With the new funding, the company's total raised capital stands at USD 172.5 million since its inception in 2015.

Bowery is also set to open its third farm in the Baltimore DC area. According to the company, the new farm will be 3.5 times larger than Bowery's previous facility. The network of farms communicates using Bowery's software and benefits from the collective intelligence of more than two years of data. The company's proprietary software system, BoweryOS, makes use of vision systems, automation technology, and machine learning to monitor plants continuously and all the variables that drive their growth.

According to the company, Bowery farms use zero pesticides and 95 percent less water as the entire process from seed to storage is controlled by the company. They believe this method is much more productive on the same footprint of land than traditional agriculture. "The company is focused on creating scalable solutions for an impending climate and food crisis, and we deeply believe in the power of technology to make drastic, necessary improvements to the food system,” said Irving Fain, Co-founder, and CEO, Bowery.

The Singapore based investment firm Temasek had participated in a USD 70 million Series B funding in Pivot Bio, a US agriculture startup that combines machine learning and computational modeling to help microbes in providing plants with a daily supply of nitrogen, eliminating pollution in the process. The funding round was led by Breakthrough Energy Ventures. “We are excited to share that Bowery’s third (and biggest) farm yet is launching in the DC-Baltimore area in early 2020. Along with this expansion, our team is elated to announce an additional $50 million in funding led by Temasek that will drive further innovation and scale across our organization,” the company said in a statement.

Weekly Brief