Precision agriculture startup Gamaya raises CHF 12 millionWednesday, 24 July 2019
© Alain Herzog - EPFL
An EPFL spinoff active in precision agriculture, Gamaya has completed a CHF 12 million financing round and is now entering its commercialization phase.
Gamaya develops an aerial imaging system that provides information on land condition and composition. Thanks to the use of a miniature hyperspectral camera embedded in a drone, its technology makes it possible to carry out a large-scale diagnosis of crops (diseases, pests, weeds). This solution allows farmers to accurately assess the needs of their crops.
This EPFL spinoff raised CHF 12 million as part of a Series B financing round, including CHF 4.2 million in the form of convertible bonds. The financing round was led by Mahindra & Mahindra, an Indian company, joined by existing investors ICOS Capital and VI Partner.
Mahindra & Mahindra is one of the world's leading tractor manufacturers, with a 40% market share in India. Its strategy is to use digital and precision agricultural technologies for its tractors and agricultural equipment. The company has developed a digital consulting application called MyAgriGuru, which connects farmers with agricultural experts.
An imminent transition into the commercial phase
With these new funds, the Vaud-based startup wants to focus on its commercial activities by strengthening its sales team and increasing its local presence in target markets. Similarly, Gamaya will continue to invest in the development of IT infrastructure and equipment on an industrial scale.
"We have been working with Mahindra & Mahindra for a few years now and this successful collaboration has resulted in Mahindra's decision to invest," explains Yosef Akhtman, CEO of Gamaya.