Digital Farming Automation and Data Provider Phytech Secured $23.5 Million in Growth Funding

 In Cyber/ICT, Israel
Phytech

Phytech Ltd, an Israel based dig­i­tal farm­ing automa­tion and data provider, has now secured $23.5 mil­lion in growth fund­ing round.

Phytech is found­ed by the Sarig Duek. It pro­vides farm­ers with dig­i­tal farm­ing to opti­mize pro­duc­tion and trans­form oper­a­tions by con­nect­ing them direct­ly to their plants. With the help of its pro­pri­etary tech­nol­o­gy of ver­ti­cal­ly inte­grat­ed Artificial Intelligence, IoT devices, and dig­i­tal plat­forms, the com­pa­ny offer­ing focus­es on con­stant­ly sens­ing, ana­lyz­ing plant and com­mu­ni­cat­ing demands to pro­vide real-time action­able rec­om­men­da­tions to its farmer cus­tomers.

Executive Opinion

Sarig Duek, Phytech’s CEO, said, “We are grate­ful for the trust and sup­port of THL and our exist­ing investors as well as the vote of con­fi­dence from the grow­ing com­mu­ni­ty of global lead­ing grow­ers that are trans­form­ing their daily farm­ing prac­tices with our Plant-Demand pro­duc­tion appli­ca­tions, result­ing in health­i­er crops, improved yields, and reduced use of resources. Global agri­cul­ture is facing pres­sure from all direc­tions. Farmers are seeing tight­en­ing mar­gins, increas­ing water con­ser­va­tion demands, rising labor costs, and more. Planetary food pro­duc­ing capac­i­ty is chal­lenged by cli­mate change, top­soil ero­sion, water stress, and urban­iza­tion. The neces­si­ty for farm­ers to opti­mize pro­duc­tion in meet­ing global food secu­ri­ty needs and demands is clear.”

Phytech’s Latest Funding

The back­ers include the funds man­aged by the THL, includ­ing the THL Automation Fund LP and exist­ing anchor investors. Post fund­ing, THL Managing Director Josh Bresler will join as the Phytech Board of Directors team.

The com­pa­ny, as of now, has plans to use the new funds to sup­port the com­pa­ny’s growth in cur­rent as well as new geo­graph­i­cal regions. The fund­ing will be also lever­aged for deploy­ment of addi­tion­al oper­a­tional automa­tion capa­bil­i­ties, notes the announce­ment.

PC: Pablo, Pixabay

TechSutram source|articles

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