Precision AI Raises $20 Million as Startup Looks to Reduce Chemical Footprint in Farming

By Thomas Price Tuesday, May 4, 2021

With a larger focus being placed on sustainable farming, many business owners within the industry have been looking to reduce the overall chemical footprint of agricultural practices. Precision AI is an agritech startup that leverages AI to help reduce overall herbicide usage. The company has generated significant attention both from venture capital firms as well as government organizations. This has led to the startup closing a funding round which will help Precision AI to expand business operations and scale up to meet growing demand.

A drone and tablet used for agriculture.

What Precision AI Does and Effectiveness of Solution

Agritech startup Precision AI helps to reduce overall herbicide use by first surveying farmland with drones. Once the area is logged, the startup uses AI mapping to identify all areas of the land that have weeds. From there, farmers can more closely target where to spray herbicide, drastically reducing the amount needed and avoiding blanket sprays that can often harm overall crop yields. The reduction in overall chemical usage and increase in crop yields can result in significant savings for any business owner who uses the solution created by the startup.

The agritech company is touching on a major point in the agriculture business right now considering the incredible amount of wasted chemicals that go into more traditional spraying methods. In fact, nearly 80% of all herbicide is sprayed onto bare land, with another 15% landing on crops.

Precision AI can help reduce a farm’s overall pesticide usage by 95%. This figure is leagues ahead of nearly all other precision methods for spraying currently available on the market. At the same time, the agritech company promises an average of $52 saved per acre per growing season for all customers, making the solution incredibly cost-effective.

The effectiveness of the solution provided by the agritech company has in turn brought on several investors across the spectrum who see strong business potential.

Precision AI Funding and Future Plans

In the latest funding round for the agritech startup, Precision AI raised $20 million in both equity and grants. The funding round was led by At One Ventures and BDC Capital, with participation from Fulcrum Global Capital and Golden Opportunities Fund. The company was also supported by Sustainable Development Technology Canada and Protein Industries Canada.

The funding will help the company to further advance the Precision AI technology and continue to expand business capabilities. In the long-term future, the agritech startup plans to use the drones in operation for surveying to create a fleet capable of spraying the land by themselves. The company also plans to expand to a larger, global market by serving as a major way for large agricultural operations to certify themselves as environmentally sustainable.

When commenting on the latest funding for the agritech business, President and CEO of Sustainable Development Technology Canada, Leah Lawrence, said, “Precision AI's technology is revolutionizing the agriculture industry. Its innovative application of precision spraying not only prevents the overuse of herbicides but reduces operating costs for farmers and delivers improved and sustainable crop protection practices. Precision AI is a shining example of Canadian cleantech innovation and SDTC is proud to invest in its transformative technology."

About the Author

Headshot for author Thomas Price

Tom Price is a writer focusing on Entertainment and Sports Features. He has a degree from NYU in English with a minor in Creative Writing. He has been previously published for Washington Square News, Dignitas, CBR, and Numbers on the Boards.

Related Articles