Ag Growth International Inc. is making a minority equity investment of US$15 million in Farmobile, Inc.
Farmobile, headquartered in Leawood, Kansas, is an independent agriculture technology company, providing hardware and software services for the real-time collection, organization, analysis, and storage of farm data.
The Farmobile device collects and streams real-time, geo-tagged agronomic and machine data on every pass of the field from farm equipment of most makes and models. This data is converted into standardized electronic field records which can be viewed via desktop or mobile, shared, and monetized through its digital marketplace, the Farmobile DataStore exchange, the company says.
AGI and Farmobile have also entered into an agreement to expand the existing collaboration between the two companies. AGI has the right to appoint two directors to the Farmobile board of directors as a result of this investment.
AGI offers SureTrack, a business tool available for farmers that connects sensors, from the field to grain bins, to enable farm management with real-time field activity data, grain handling, storage and conditioning equipment, and a grain exchange. This acquisition provides a means for its customers to standardize, control and monetize their data, on their own terms, AGI says.