xFarm merges with Farm Technologies to create leading agri-tech company

The new company xFarm Technologies responds on the one hand to growing climate uncertainty, which makes it more difficult for farmers to make decisions and results in wasted economic and natural resources, and on the other hand, to the presence of complex, expensive, and fragmented solutions on the market that hinder the spread of technology to medium and small farms. These aspects have led the founders of xFarm and Farm Technologies, Matteo Vanotti and Matteo Cunial, to join forces to create a simple and complete digital farming platform with vertical agronomic modules based on artificial intelligence and native IoT solutions that help technicians and farmers in the management of their activities. The founders of xFarm and Farm Technologies aim to build together within the next five years Europe’s leading agri-tech company. 

The addressable market is booming: the global dimension of smart agriculture – a concept focused on digital technologies at the service of the agricultural industry – was valued at $16.8 billion in 2019 and is estimated to reach $29.2 billion by 2027 with a CAGR of 9.7% from 2021 to 2027.

Thanks to the consolidation of the technological platform, the merged company will have greater penetration in the international market; it will expand its product offering with the integration of new verticals, such as the disease and insect sector; it will strengthen existing partnerships with Agrifood, Telco, and OEM stakeholders, as well as commercial and product areas; and it will enable geographically diversified business management, consolidating its presence in the Italian market and expanding into international markets with a focus on Europe and South America.

xFarm Technologies, headquartered in Suglio (TI) will benefit from an efficient governance structure. The new board will be headed by Matteo Vanotti, who also takes on the role of CEO; Antonio Spagnolo, a manager with solid experience in the agri-food sector, already CEO of Danone Italia, Danone USA, Plasmon, Leaf, and IFFCO Italia, joins as a new member; current shareholders United Ventures, an independent venture capital manager specializing in the software and digital technology sectors, which had led the €3m Series A investment round in xFarm in 2019, and Swiss fund TiVenture, will retain representation.

(Press release / SK)
Photo: Matteo Cunial (l), Matteo Vanotti