Agri-tech Company Acquired by Valmont
An Israeli AI agri-tech company aiming to innovate tech to help farmers increase their efficiency has been purchased by Valmont. The purchasing company Valmont Industries Inc. (NYSE:VMI) is a US services and irrigation equipment company. Today Valmont announced its agreement to acquire Prospera Technologies for 300 million USD. The sale will most likely finalise in the second financial quarter of 2021.
In 2014 Prospera Technologies Inc. was established by CEO Daniel Koppel along with Shimon Shpiz and Raviv Itzhaky. Relations between the the two companies is not new. They have been cooperating in both the fields of autonomous and digital farming for approximately 2 years. Currently, Prospera has benefitted from the two companies cooperation by helping the company grow massively in its operations. This growth is to the tune of five million acres as of 2020–5 times more than the original estimate. Additionally, the companies are expecting grower adoption to double in 2021 as the speed of growth picks up.
It is estimated that Prospera has raised approximately 22 million USD in two rounds of funding. Investors include both private investors such as Amnon Shashua and corporations like Cisco.
Prospera CEO Daniel Koppel remarked “Our strategic partnership has demonstrated the unique combined value of Prospera’s capabilities and Valmont’s agricultural expertise and market leadership. This combination is the fastest way to scale impactful ag-tech solution. We are excited about the future and the opportunity to continue to further our work to feed an expanding global population through our machine learning technologies that allow growers to make more informed, efficient and scientific decisions.”
Stephen Kaniewski, who serves as both president and CEO of Valmont stated, “”Today’s acquisition is a testament to our commitment to make the farm more efficient and increase productivity while dramatically improving sustainability. Building on the successful partnership with Prospera, we are accelerating our commitment to provide services that enhance the lives of our customers and the communities in which they operate, as well as finding new ways to achieve higher crop yields using less — land, water, chemicals, fertilizers, fuel and time….”
Israeli tech proves itself a leader in every sector. From medicine to agri-tech.
