Precision AI, a computer vision and robotics company empowering sustainable farming practices, announced the closing of $20 million in equity and grant funding. The financing will support the advancement of a disruptive precision farming platform that deploys swarms of artificially intelligent drones to dramatically reduce herbicide use in row crop agriculture.
The Seed round was co-led by At One Ventures, founded by GoogleX co-founder Tom Chi, and the Industrial Innovation Venture Fund of BDC Capital, with participation from Fulcrum Global Capital and Golden Opportunities Fund, with supporting non-dilutive co-investments from Sustainable Development Technology Canada and Protein Industries Canada.
Precision AI's drone-based computer vision technology enables surgically precise application of herbicide to individual weeds in row crop farming. By spraying only weeds and avoiding the crop, yields can be maintained at a fraction of the chemical cost. Ultimately, the company's vision is to deploy hives of intelligent drones that will automate the crop protection process throughout the entire growing season, optimizing every square inch of farmland on a per-plant basis.
"Farms of the future must be sustainable and produce healthier foods," said Daniel McCann, CEO and founder of Precision AI. "Using artificial intelligence to target individual weeds is a quantum leap in efficiency and sustainability over today's practices of indiscriminate broadcast application of herbicide."
While competitors have focused on high-value, low acreage crops, Precision AI's disruptive approach to drone swarming allows for application on large acreage crops at a much lower cost than traditional large farming machinery. It holds the promise to reduce pesticide use by up to 95 percent while maintaining crop yield and saving farmers up to $52 per acre per growing season.
"The cost savings are massive," said McCann. "And the affordable unit economics of drones makes the technology accessible to even the smallest farm."
The company states the platform also increases producer competitiveness in the global market with integrated food supply chain traceability and proof of sustainable farming practices.
