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A big win for Agtech AI? Prospera acquired by Valmont for $300M
Israeli startup Prospera develops AI-driven agriculture management technologies and will join the American farming manufacturer to create the largest. AI company in agriculture Oshry Alkeslasi / 6 May 2021 • 2 min read
Israeli Agtech startup Prospera announced yesterday that it will be acquired by Valmont - a U.S. manufacturer of farming infrastructure - for a total of $300 million. The Israeli company had only raised $26 million to date. Due to Valmont’s NYSE listing, the acquisition should be finalized by Q2 this year. As part of the deal, Prospera employees will receive stock options in Valmont.
Prospera s technology helps keep tabs on crops (Courtesy)
Valmont Industries, Inc., a US maker of irrigation and infrastructure equipment, said Wednesday it has entered an accord to buy Israel’s Prospera Technologies, a maker of artificial intelligence-based sensors and cameras for monitoring crops, for $300 million.
The acquisition is the culmination of a two-year strategic partnership set up between the companies in 2019. The merging of the firms will create the “largest global, vertically-integrated artificial intelligence (AI) company in agriculture,” the companies said in a statement.
With in-field cameras and climatic sensors, Prospera allows farmers to accurately remote-manage their fields with real-time analysis on what is happening to their crops leaf by leaf and on a multi-field, multi-crop basis. This access allows them to tackle critical issues of underperforming fields caused by pests, disease, irrigation, nutrient deficiencies and sub-optimal agro-technical a
Valmont buys Israeli ag-tech AI co Prospera for $300m
The Tel Aviv-based company develops intelligent solutions to help farmers grow crops more efficiently.
US agricultural services and irrigation equipment company Valmont Industries Inc. (NYSE: VMI) today announced it has entered into a definitive agreement to acquire Israeli based ag-tech AI company Prospera Technologies for $300 million. The deal is expected to close in the second quarter of 2021.
Prospera was founded in 2014 by CEO Daniel Koppel, Shimon Shpiz, and Raviv Itzhaky and since 2019 has been teaming with Valmont on digital and autonomous farming. The Tel Aviv-based company develops intelligent solutions to help farmers to grow crops more efficiently. The partnership has expanded Prospera s solutions, monitoring five million acres in 2020 against an original estimate of one million, with twice as many growers using the service as compared to 2019. Grower adoption is expected to double in 2021, with greater acceleratio