Phytech Ltd., a Rosh Ha’ayin, Israel-based digital farming automation and data provider, raised $23.5M in growth funding.
Backers included funds managed by THL, including THL Automation Fund L.P., and existing anchor investors. In conjunction with the funding, THL Managing Director Josh Bresler joined the Phytech board of directors.
The company intends to use the funds to expand operations and its business reach.
Led by Sarig Duek, CEO, Phytech provides farmers with digital farming to optimize production and transform operations by connecting them directly to their plants. With its proprietary technology of vertically integrated internet of things (“IoT”) devices, artificial intelligence (“AI”), and digital platforms, the company’s offering focuses on constantly sensing, communicating, and analyzing plant demands to provide real-time actionable recommendations to its farmer customers.
Phytech’s ’PlantBeat’ irrigation management platform is used by 600 growers on approximately 15,000 farms across the U.S, Australia, and Israel.
FinSMEs
23/09/2020