Vancouver’s Semios, a leader in developing technology solutions for the precision crop management industry, has secured $25 million growth capital financing from CIBC Innovation Banking.
The capital will be used to support growth into new crops and new geographies and for strategic acquisitions.
Semios provides a proprietary in-field Internet of Things (IoT) network of over 1 million sensors that monitor and predict insect, disease, water, and frost risk in near real-time. Collecting 350 million data points daily, this information is fed through established and proprietary models and then provided to the grower in a simple, powerful mobile or web interface.
The data enables growers of high-value crops (apples, almonds, pistachios) to make management decisions that reduce their agricultural inputs and increase the quality and yield of their crop.
The company recently announced $100 million in private equity funding led by Boston’s Morningside Group.
“This timely support of $25 million in debt facilities from CIBC will complement our recent $100 million equity raise to accelerate research, development, partnerships and acquisitions, helping growers around the world produce high quality food sustainably” said Michael Gilbert, CEO, Semios.