Resson, a company that uses predictive analytics for farming industry revealed that it received funding of $14 million in Series C round up from Mahindra & Mahindra. The Indian giant becomes the strategical partner of Resson along with McCain Foods and Monsanto Growth Ventures. In addition, existing investors in Resson include Rho Canada, Build Ventures, East Valley Ventures, BDC Capital, and the New Brunswick Innovation Foundation.
The predictive analytics company Resson received $11 million in Series B funding round that took place in June 2016. It utilizes big data analytics, machine learning, and computer vision technologies to help farmers of potatoes, grapes, and spinach take better decisions regarding crop management to raise productivity on their farms. With the help of cameras installed on drones or tractors, its system offers a dashboard view. This view provides insights to help in making better agronomics decision and managing yields efficiently along with gaining information about crops.
Mahindra & Mahindra becomes the latest company to partner with Resson strategically. The company is the biggest tractor selling company and has nearly 500 dealerships in North America.
“Agriculture is an increasingly technology-intensive business, and Resson's precision farming solutions will help growers get more yield from every acre,” said Rajesh Jejurikar, President, Farm Equipment Sector, Mahindra & Mahindra. “We are delighted to join McCain Foods Limited and Monsanto Growth Ventures as a strategic partner of Resson.”
Resson and McCain Foods Limited has been partners for past couple of years. Both companies have been working to test and advance the technologies in real life potato farming environments. McCain Foods was Resson’s first customer and then became the strategic partner.
“McCain has a proud history of advancing agricultural practices in potato growing and we remain committed to this approach,” said Max Koeune, President and CEO of McCain Foods Limited. “Our desire for continual improvement fuels our ongoing drive to partner with leading edge technology companies such as Resson, to create breakthrough innovation in agricultural technologies and set new standards for efficient crop production.”
Commenting on the collaboration and potential opportunities, Jeff Grammer, CEO of Resson, said, “Our strategic partners have been critical to the development of our technology and our rapid growth over the last two years. With the addition of Mahindra & Mahindra, we will expand our understanding of predictive analytics to maximize yields and profits for growers.”
With advancements in technology, farming sector has been looking forward to incorporating new technologies as much as possible. This has given a new dimension to farming. This new dimension is giving boost to the global market. In its recent report on the global connected services and big data analytics in farming market Big Market Research offers insights on current market scenario and estimations for the future. The report also provides insights on key market players, geographical regions, and detailed segmentation. The market size, revenue, and growth rate for the historic period, 2013–2018, and the forecast period, 2018–2025 are outlined to help market players and investors gain insights on current market conditions and take further steps to achieve growth.