Prospera Technologies, a Tel Aviv-based company developing artificial intelligence solutions to help farmers grow crops more efficiently, was acquired by US-based irrigation and agriculture company Valmont Industries for about $300 million, the companies said Wednesday.
Valmont and Prospera have worked together since 2019 to develop real-time crop analysis and anomaly detection solutions, resulting in strong adoption and greater returns for the grower. The partnership has expanded its intelligent solutions, monitoring five million acres in 2020 against an original estimate of one million, with twice as many growers using the service as compared to 2019. Grower adoption is expected to double in 2021 with greater acceleration in the near-term, the companies said.
The company, which was founded in 2014, has raised a combined $22 million in two funding rounds by strategic investors including Bessemer, Qualcomm, Cisco and Tekfen.
“Today’s acquisition is a testament to our commitment to make the farm more efficient and increase productivity while dramatically improving sustainability,” said Valmont president and CEO Stephen G. Kaniewski. “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.”