Agrograph Raises $500,000 in Seed Funding from the Idea Fund to Better Predict Field Crop Yield
Company combines high-resolution satellite imagery and field-level yield data with machine learning algorithms
MADISON, Wis., Sept. 12, 2018 (GLOBE NEWSWIRE) -- Agrograph, a Madison-based startup, today announced it raised $500,000 in seed funding from the Idea Fund of La Crosse. Agrograph’s software combines satellite imagery and field data with machine learning algorithms to predict crop yields at the field level. Agrograph sells to three main customer groups: 1. Crop insurers and lenders to better assess their risk portfolio; 2. Grain distributors to improve their supply chain logistics, and 3. Agricultural tech providers to enhance their precision agriculture solutions.
“The agricultural industry is defined by volatility and variability,” said Mutlu Ozdogan, co-founder and CEO, Agrograph. “In a drought year, for example, one field might produce great results, while another just a handful of miles won’t. When you are looking at data at the county or regional level, you simply can’t take into account that variability. With the support of the Idea Fund, Agrograph is turning data into solutions at the individual field level, which is a level of insight the agricultural industry hasn’t had.”
Agrograph’s predictive software is unique in that it combines high-resolution satellite imagery with actual yield data from thousands of individual field locations. It Is the only solution on the market that predicts yields on a field-by-field basis. This, merged with 30 years of agriculture expertise from co-founders Mutlu Ozdogan and James O’Brien, results in more granular and accurate bushel per acre predictions.
“We have data and expertise that no one else has,” said James O’Brien, co-founder, Agrograph. “Rather than relying on publicly available data, we’ve collected yield data from thousands of individual fields to train our software. As a result, we are filling an industry gap and, in turn, delivering valuable solutions faster.”
“The Idea Fund recognizes both the potential and value of Agrograph,” said Jonathon Horne, managing director of the Idea Fund of La Crosse. “Built from the ground up by true agricultural experts, Agrograph is poised to revolutionize how the agriculture industry does business.”
For more information about Agrograph or to schedule a demo, visit www.agrograph.com.
About Agrograph Agrograph is a Madison-based information-as-a-service startup that combines satellite imagery and field data with machine learning algorithms to predict crop yield at the field level. The startup was co-founded by Mutlu Ozdogan, a PhD geographer with over 15 years of experience processing remotely sensed observations for agricultural and natural resource management applications, and James O’Brien, an MBA with a decade of experience in building startups and developing their product innovation teams. For more information, visit www.agrograph.com.
About Idea Fund The Idea Fund of La Crosse was established in 2016 to invest in early-stage startup companies and currently has $13mm under management. The fund targets Wisconsin-based startups that are either pre-revenue or early-stage revenue, diversified across sectors. The fund seeks to partner with highly skilled founders and provides support from initial investment through company exit. For more information about the Idea Fund of La Crosse visit www.ideafundvc.com.
Media Contact Kaitlin Shinkle 612-508-2643 Kaitlin@agrograph.com