Venture Capital: Breakthrough Energy Ventures Leads $53M Round In Robotic Agtech Iron Ox
Breakthrough Energy Ventures is backed by top business leaders including Bill Gates and Jeff Bezos.
Iron Ox, an agtech startup that advances the cause of producing food sustainably and autonomously using robotics and AI, has raised a $53 million C Series led by new investor Breakthrough Energy Ventures. (BusinessWire)
The round brings the startup’s aggregate funding to $98 million.
Iron Ox: Sustainable farming
The high-tech methods at Iron Ox greenhouses ensure that each plant receives the optimal levels of sunshine, water, and nutrients. The company uses plant-wise data to refine the farming process so that it uses less water, less energy, and emits less CO2.
“Our process allows us to grow exactly what’s needed, eliminate waste, and build an environmentally sustainable food supply,” says Iron Ox on its website.
Its proprietary greenhouses and farming process are claimed to:
· Use 90% less water than field farms
· Use 75% less energy than vertical farms
· Travel 10X less distance than non-local farms
· Use 30X less land than field farms
“World-class investors know that humanity’s most important pursuit is to reverse climate change. To get there, we can’t settle for incrementally more sustainable crops — and we can’t ask consumers to compromise on taste, convenience, or value,” said CEO and Co-Founder Brandon Alexander in a statement. “We are applying technology to minimize the amount of land, water, and energy needed to nourish a growing population. The team at Iron Ox will not stop until we achieve our long-term mission of making the produce sector carbon negative.”
“Our decision to invest in Iron Ox aligns with our aim to accelerate transitions that can reduce global greenhouse gas emissions,” said Carmichael Roberts, Breakthrough Energy Ventures. “Iron Ox is uniquely positioned to accelerate the shift towards climate-friendly agriculture while increasing the accessibility and quality of fresh produce. It’s the type of solution that’s designed to scale quickly and has the potential to get us one big step closer to net zero.”
Use of funds
Iron Ox will use the funds raised in the latest round to expand its R&D, scale further its manufacturing, and enter markets across the US.
It will also boost its hiring to include plant scientists, engineers, greenhouse operators, and roboticists.
Related Story: Iron Ox Wraps Up A $20M Series B For Robotic Cultivation
Image Credit: Iron Ox
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