Gamaya raises CHF12 million in the Series B round

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19.07.2019
Soy

After four years of development, Gamaya’s imaging technology for the agricultural sector will soon hit the market, thanks to the closing of a CHF 12 million series B financing round led by India’s largest tractor manufacturer, Mahindra & Mahindra. Existing investors including the Dutch ICOs and VI Partners contributed to the round.

Gamaya’s crop-specific technology relies on hyperspectral imagery analytics, artificial intelligence and machine learning which captures and interprets imagery to give farmers information about the state of their fields and crops. This increased efficiency and sustainability of large industrial farming as well as productivity and scalability of small-holder farming. Gamaya’s crop-based solutions CaneFit, SoyFit and TobaccoFit which has been adapted by Phillip Morris International.

With headquarters in Switzerland, Gamaya is currently operational in Brazil, Ukraine and now India, thanks to the new partnership with Mahindra & Mahindra Ltd (M&M), a Mumbai-based business conglomerate with operations in various sectors including farm equipment (tractors). As part of the series B round, Gamaya has obtained CHF 4.3 million from Mahindra to develop technology solutions to support the company’s farm equipment business. As part of their agreement, Mahindra will obtain 11.25% share in Gamaya by subscribing to 300 common shares and 30,469 Series B preferred shares, as revealed by VCCircle. In total Gamaya has raised CHF 12 million. Existing investors such as the Dutch venture capital and growth-equity firm ICOS Capital and VI Partners contributed to the round.

M&M holds more than 40% market share in India’s tractor market. Yosef Akhtman, CEO of Gamaya said that: “We strongly believe in partnering, and having a strategic investor like Mahindra and Mahindra will help open new doors and develop our ability to combine our technological expertise with the agronomic and market understanding of strategic partners. We’ve been working with Mahindra & Mahindra for a few years now and this successful work materialized in Mahindra’s decision to make an investment.”

After four years of developing leading-edge imaging technologies, Gamaya now is at the doorstep of commercializing them. The investment will enable the company to focus on commercial activities, further strengthen the commercial team and grow a local presence in 2 target markets. Gamaya will continue investing in building an industrial and scalable IT infrastructure and hardware to support business needs. Building partnerships and launching strategic product development activities based on our core technology are among the key priorities for the company.

(Press release)

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