Helsinki based agritech startup, iFarm which offers innovative solutions to grow fresh green vegetables & berries announced on 20th August, 2020, that it has secured around €3.3 million funding.
The investment was led by Gagarin Capital, Impulse VC, IMI. VC, Matrix Capital and various other angels. Gagarin Capital has previously invested in the project of iFarm.
The company claims to invest the funding to develop its iFarm Growtune tech platform which provides operations of multiple varieties of vertical farms and quadrupling the number of plants available to iFarm’s tech. Additionally, iFarm will be optimizing its automated production lines to minimize labor cost & complete experiments for growing sweet peppers, cherry tomatoes, radish, strawberries and other crops.
Started in the year 2017 by Alexander Lyskovsky, the start-up has over 50 on-going projects with its clients in Middle East and Europe for 2020. This includes industrial vertical farm based on iFarm’s tech which is due to launch in Finland by the end of 2020. Its construction was funded through the company’s internal crowdfunding platform.
Co-founder and President of iFarm, Alexander Lyskovsky, explained, “Investors can participate in the worldwide network of vertical farms and receive a rate of return well above bank deposit rates. We already have a group of financial partners involved in the development of our farms, and now there is a direct opportunity for this type of investment in UK, Russia, Finland, Switzerland, UAE and Netherlands.”
iFarm’s automated vertical farm management technologies enables customers to start growing vegetables, salads, berries in the urban environment: from empty warehouses and factory shops to basements and distribution centers. The technology used by iFarm is based on an adaptive protocol that includes machine learning, computer vision, the data about thousands of plants collected from a distributed network of farms as well as the industry knowledge.
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