BASF and TELUS Ventures invest in AgTech startup Hummingbird Technologies
October 15 2019 - 10:00AM
BASF Venture Capital and Canada’s TELUS Ventures are among the lead
investors in a series B investment round for British startup
Hummingbird Technologies, a global leader in advanced crop
analytics. Other main investors include Saudi Agricultural and
Livestock Investment Company (SALIC) and the British investment
firm Downing Ventures.
Founded in 2016, Hummingbird Technologies has
developed a technology platform to evaluate the condition of
agricultural fields. Hummingbird’s unique artificial intelligence,
deep learning and imagery analytics solution uses proprietary
algorithms driven by aerial images captured from satellites, planes
and unmanned aerial vehicles. It processes image data to create
precise harvest forecasts or accurately calculate how much
fertilizer is needed. With its high-resolution system, Hummingbird
can also locate potential pest infestation, plant diseases or
planting gaps. These tools deliver real-time actionable
recommendations, which both improve performance on farms through
precise targeting of operations and inputs, as well as provide
evidence-based justification and Return on Investment (ROI) proof
for decision-making.
Within 24 hours, Hummingbird can provide farmers
and their advisors with in-field zone maps that help them
specifically target the application of fertilizers, crop protection
products and growth regulators as well as selectively manage
subsequent plantings. The main customers are progressive farm
businesses which use this technology to manage their existing
fields more efficiently and thus achieve significant yield
increases and cost savings. There are approximately 2.2 billion
hectares of agricultural land available worldwide. Key areas for
the use of advanced crop analytics include: Russia, Ukraine, China,
the United States, Australia, Canada and Brazil, but also the
United Kingdom.
“We are delighted to have received investment
from BASF and TELUS Ventures. The investment will allow us to
augment our leading position in core international markets, to
pursue expansion opportunities that involve API (Application
Program Interface) software integration and to extend our machine
learning advantage at both a team and code level. We have a clear
target to become the leading global remote sensing player in
AgTech, and with such strong institutional backers, and technical
expertise behind us, our journey towards achieving this goal has
gathered serious momentum,” said Will Wells, Chief Executive
Officer, Hummingbird Technologies.
“We want to support Hummingbird to develop new
markets for its unique technology and establish new business
models,” said Markus Solibieda, Managing Director, BASF Venture
Capital. “Our colleagues in BASF’s Agricultural Solutions division
are already cooperating with Hummingbird. We are supporting these
activities through this investment.” Agricultural experts from BASF
UK have been working with the startup since 2016 and supply aerial
images to farmers. Hummingbird analyzes these photos and gives
farmers detailed maps of the various in-field zones for precision
farming.
“We believe innovative companies like
Hummingbird – that provide farmers with data-driven, user friendly
platforms to drive decisions – have the potential for wide-scale
adoption as farmers increasingly look for tools to improve their
bottom lines and reduce their environmental impact,” said Rich
Osborn, Managing Partner, TELUS Ventures. “Through our investment,
we have the potential to change cultivation and help mature
technology platforms to connect all aspects of the farm and food
supply chain.”
About BASF Venture Capital
BASF Venture Capital GmbH (BVC) was founded in
2001 and has offices in Europe, the U.S., China, India, Brazil and
Israel. The aim of BVC is to generate new growth potential for BASF
by investing in new companies and funds. The focus of investment is
on chemical products and new materials, software and services as
well as innovative and digital business models in the broader field
of chemistry. For more information, please visit
www.basf-vc.com.
About Hummingbird
Hummingbird Technologies, founded at the
Imperial College Technology Incubator by William Wells in 2016, is
a global leader in remote sensing, artificial intelligence, machine
learning and data analytics for agriculture. The company has 40
full time employees headquartered in London, with satellite offices
in São Paulo, Sydney, Lviv and Moscow. The company has completed
two previous fundraising rounds with backers including: Downing
Ventures, Sir James Dyson, the European Space Agency, Horizons
Ventures and Velcourt Farming Group.
About TELUS Ventures
As the strategic investment arm of TELUS
Corporation (TSX: T, NYSE: TU), TELUS Ventures was founded in 2001
and is one of Canada’s most active corporate venture capital funds.
TELUS Ventures has invested in over 70 companies since inception
with a focus on innovative technologies such as Digital Health,
IoT, AI and Security. TELUS Ventures is an active investment
partner and supports its portfolio companies through mentoring;
exposure to TELUS’ extensive network of business and co-investment
partners; access to TELUS’ technologies and broadband networks; and
by actively driving new solutions across the TELUS ecosystem.
Press contacts: |
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BASF Venture CapitalInga FrankePhone: +49 173
3099242inga.a.franke@basf.com |
HummingbirdAlexander JevonsPhone: +44 7917
415881alexander@hummingbirdtech.com |
TELUS VenturesJill YetmanPhone: +1 416 992
2639jill.yetman@telus.com |
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