Ag Growth International Inc. has made a minority equity investment of $15 million in Farmobile, Inc. The companies also have entered into a strategic commercial agreement to expand their existing collaboration. AGI has the right to appoint two directors to the Farmobile board of directors as a result of this investment.
Farmobile, headquartered in Leawood, Kan., provides hardware and software services for the real-time collection, organization, analysis, and storage of farm data.
The Farmobile device collects and streams second-by-second geo-tagged agronomic and machine data on every pass of the field from farm equipment of most makes and models. This data is converted into records which can be viewed via desktop computer or mobile device, shared with advisors, and monetized through Farmobile’s digital marketplace.
“Our investment in Farmobile substantially expands our technology platform and integrates automated data collection seamlessly within our IntelliFarms SureTrack farm management and grain exchange platform,” said Tim Close, CEO of AGI.
Source: Yahoo! Finance