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The iFarmGrowtune platform can determine the plant’s weight, any growth deviations or pathologies, and build a system that improves crops’ quality characteristics. It provides recommendations to the farm staff and adjusts the microclimate settings to ensure results.
FREMONT, CA: Finland-based startup iFarm that provides innovative solutions for growing fresh greens, berries, and vegetables, secured USD 4 million in a funding round led by Gagarin Capital, with participation from Matrix Capital, Impulse VC, IMI.VC and several angel investors. Proceeds from the investment round will be used by the company to develop its iFarmGrowtune tech platform that enables operations of multiple varieties of vertical farms, quadruple the number of plants available to its tech, and optimize its automated production lines to reduce labor costs and complete experiments with growing strawberries, cherry tomatoes, sweet peppers, radish, and other crops.
[vendor_logo_first]iFarm is led by co-founder and CEO Alex Lyskovsky. It provides automated vertical farm management technologies that allow customers to start growing salads, greens, berries, and vegetables in the urban environment, from empty warehouses and factory shops to basements and distribution centers. “Investors can participate in the worldwide network of vertical farms and receive a rate of return well above bank deposit rates. We already have a group of financial partners involved in the development of our farms, and now there is a direct opportunity for this type of investment in Finland, UK, Switzerland, Netherlands, Russia and UAE,” Lyskovsky added.
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The company’s technology is based on an adaptive protocol that includes computer vision, machine learning, the data about thousands of plants collected from a distributed network of farms, and industry knowledge. The iFarmGrowtune platform can determine the plant’s weight, any growth deviations or pathologies, and build a system that improves crops’ quality characteristics. It provides recommendations to the farm staff and adjusts the microclimate settings to ensure results.
“The 2020 pandemic exposed the problems of the global food system – food supplies, sowing and harvesting were disrupted across the globe”, said Mikhail Taver, Managing Partner at Gagarin Capital. “iFarm is taking a novel approach to agriculture, offering an automated solution to grow crops close to the consumer and ensure food security. We believe that the future of the food market lies in modern technologies and are excited to support the project on its way.”
The company currently has over 50 ongoing projects with clients in Europe and the Middle East, including an industrial vertical farm based on iFarm’s tech that is due to launch in Finland by the end of the year. Its construction was funded through the company’s internal crowdfunding platform.
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