Prospera Series B Shows Connectivity is Driving Growth in AgTech
Author: Boaz Peer, Director in Israel for Qualcomm Ventures
Prospera recently concluded a $15 million Series B funding, and Qualcomm Ventures, the investment arm of Qualcomm Incorporated, proudly led the round. Surprisingly, after the investment was made public, we received a number of inquiries from people around the world, wondering why Qualcomm Ventures was investing in AgTech, and specifically in this young start-up, Prospera. I wanted to take this time to share my thoughts and highlight the rationale for investing in this company and emerging sector.
Farming today looks dramatically different than it did even a few years ago. Like so many industries, it has been revolutionized by the availability of data. The flip side, of course, is managing all of that information and discovering ways to effectively act on it. Agriculture is impacted by an incredible number of variables — from crop health to weather conditions to operational performance — and many of these are out of human control. Anticipating, planning, and responding to external factors quickly and effectively is essential. However, this can be challenging when critical data is either missing or difficult to access, forcing growers to rely on old fashion and error prone guesswork.
Prospera brings farming into the digital age by collecting, digitizing, and analyzing massive data sets. By optimizing both agricultural and administrative functions, Prospera integrates the best practices of other forward thinking industries. Using multiple sensors and cameras, they gather vast amounts of data from the field, while taking advantage of artificial intelligence to automatically analyze issues related to crop health, yields, and labor. They then turn that data into actionable insights and present clear direction, offering growers an end-to-end solution that generates great value from day one.
The products and vision that Prospera deliver are perfectly aligned with Qualcomm’s technology leadership in wireless connectivity, computer vision, and AI, both at the edge of the network and in the cloud. Prospera’s industry leading efforts to digitalize agriculture are complementary to the work we’re doing to connect and automate the next generation of devices and commercial equipment, and our experience in those sectors will allow us to enrich the work that they’re doing.
We believe that the profile of a winning team in the AgTech space, should consist of experts with both technology and agriculture experience who can share their knowledge to create a whole that is greater than the sum of its parts. This is the exact combination we found at Prospera, where CEO Daniel Koppel and his co-founders have surrounded themselves with experienced leaders from the agriculture sector.
Our investments have always been guided by our desire to solve problems with best-in-class teams and innovations in frontier technologies, and that’s why we’re excited to begin this new relationship with Prospera.
Boaz is a Director at Qualcomm Ventures and focuses on investments in Israel across various domains. Learn more about Boaz: https://www.qualcommventures.com/team/boaz-peer