(Ecofin Agency) - Aerobotics, a South African startup that uses artificial intelligence and drones to help farmers improve their yields and monitor their agricultural production, has secured an undisclosed investment from the Dutch FMO and the Cathay AfricInvest Innovation Fund, which finances the growth and scale-up of innovative companies.
The financing will stimulate Aerobotics' international expansion and technological development. This Agritech startup will also continue operations in its key markets in South Africa, Australia, and the United States.
The investment will provide Aerobotics with access to an extensive international network of agribusinesses in emerging markets. It is part of a 250 million rand ($16.6 million) round led by Naspers Foundry, the investment arm of South Africa's Naspers Group, with the participation of the FMO Ventures program and the Cathay AfricInvest Innovation Fund.
Founded in 2014 by James Paterson and Benji Meltzer, Aerobotics also raised funds from Naspers in H1 2020.