EcoRobotix harvests Fr10.6M funding
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Last year’s Swisscom Startup Challenge winner ecoRobotix has raised Fr.10.6 million in its Series B financing round - putting it on track for a market launch next year.
The firm builds lightweight, solar-powered robots that identify and remove weeds in fields of row crops. This precision approach has the potential to slash usage of herbicide, delivering environmental as well as economic efficiency benefits.Capagro and BASF Venture Capital led the round, along with a new private financing partner. Capagro partner Bénédicte Monpert said: “Robotics in agriculture represents a great opportunity to help farmers improve their profitability and their environmental impact. We are very pleased to work with such a great and dedicated team.”
Markus Solibieda, managing director at BASF Venture Capital, agreed: “We support our customers and society with chemistry that makes optimal use of available resources, and are working to integrate sustainability increasingly in all our business processes. One part of this is the investment in artificial intelligence-based technology platforms like the one offered by ecoRobotix.”
Existing investor 4FO Ventures as well as private investors from Business Angels Switzerland (BAS) and investiere also contributed.
Founder and CEO Aurélien Demaurex told Le Temps: "Today, we are testing 15 of our machines in Switzerland and in Europe. The money raised will allow us to enter a commercial phase in 2019. We are targeting the Western European market first."
The robots will be priced at between Fr.30,000 and Fr.40,000, with farmers expected to earn a return on their investment within five years through reduced labour, machinery, energy and herbicide costs.
Recalling his experience as a 2017 Swisscom Startup Challenge winner, Demaurex said: “The coaching during our trip to Silicon Valley last September was particularly helpful. Beat challenged me in particular on my presentations (sometimes quite toughly!) and that helped me to be better prepared while talking with investors for this round.”
Additional links
Meet the winners of the 2017 Swisscom StartUp Challenge
https://www.venturelab.ch/index.cfm?CFID=588117932&CFTOKEN=92591599&page=133049&article_id=2828
