The Morningside Group, Boston-based private equity and venture capital firm dedicated to financing socially conscious enterprises, led the $100 million fundraising round for Semios, a leading platform for precision farming and one of the biggest standalone providers of agtech solutions worldwide. With this cash, the agtech provider will be able to speed up R&D and the introduction of solutions that will assist producers all over the world in reducing the use of chemicals, managing water more effectively, organizing farming data, and enhancing crop performance.
Semios CEO Dr. Michael Gilbert said, “Semios is on a mission to streamline the grower’s workflow by utilizing big data analytics and machine learning for assistance on crop risk management to help farmers focus on growing more food sustainably.” We have witnessed firsthand the difficulties that our clients are encountering in the field, including frost, decreased profitability, tragic fires, and a mounting regulatory burden. However, in the face of these difficulties, farmers are adjusting to the use of new technology to satisfy the dietary demands of our expanding population. With our most recent acquisitions, we hope to house all of the equipment required by farmers to manage their crops.
Semios has acquired outside funding totaling more than $225 million to far. To strengthen its balance sheet in preparation for the 2021 acquisitions of Altrac, Centricity, and Agworld, Semios announced $100 million in fundraising last year, led by Morningside Group as well. Producers are getting the most precise perspective of their crop’s growth as it happens, all in one location, thanks to the integration of third-party agricultural solutions into its crop management platform. This helps growers make better decisions, which leads to better crop outcomes in the face of a more unstable environment and difficult growing environment.
Mick Sawka, Investment Manager of Morningside Group, stated that Morningside invests in businesses that are dedicated to confronting urgent global issues head-on. “One of the pressing demands of today is not just to preserve but actually work towards improving resilience of food system in a warm climate. We’re delighted to support Semios in their efforts to assist farmers in meeting this issue.”
Semios provides growers, agronomists, and ag retailers in the US, Canada, Australia, New Zealand, Europe, and South Africa with solutions for farm management prepping, logistics, and implementation, records management, agronomy, and digitization. Today, more than 120 million acres of row and permanent crops are being managed by Semios.