Mahindra and Mahindra has led a $12.1m round for the AI-powered crop imaging software provider that will fund recruitment, IT improvements and local growth.
Switzerland-based crop-imaging technology provider Gamaya has completed a CHF12 ($12.1m) series B round led by automotive manufacturer Mahindra and Mahindra.
The corporate paid $4.3m for an 11.25% stake in Gamaya last month as part of the round, which was filled out by commitments from venture capital firms VI Partners and Icos Capital Management.
Gamaya applies artificial intelligence technology to airborne and space-born hyperspectral images of crops in order to help farms devise methods of improving efficiency and sustainability.
A portion of the capital will be used expand the company’s commercial team and grow its local presence in selected markets. The remaining capital will go to helping it bolster its IT infrastructure and form strategic partnerships.
Rajesh Jejurikar, president of Mahindra and Mahindra said. “Our strategic association with Gamaya will enable us to develop and deploy next-generation farming capabilities such as precision agriculture and digital farming technologies.”
Gamaya company collected $3.2m in series A funding from VI Partners, Sandoz Foundation, Seed4Equity and angel investor Peter Brabeck-Letmathe in 2016, adding to the undisclosed amount it raised from Venture Kick two years earlier.