South African Agri-tech Startup Aerobotics Raises $5.5m From Naspers Foundry

Naspers Foundry is back with its investment after a yawning pause necessitated by the coronavirus pandemic. Next in line to receive funding from the VC is South African agri-tech startup Aerobotics which has just raised US$5.5 million in funding to help it continue on a growth trajectory that has taken its solution into the United States (US).

Aerobotics chief executive officer (CEO) James Paterson
Aerobotics chief executive officer (CEO) James Paterson

‘‘We are excited to have Naspers as a partner, bringing proven skills in building global technology companies together with the capital required to continue building for, and with, the agricultural industry,”Aerobotics chief executive officer (CEO) James Paterson said. 

Here Is What You Need To Know

  • The latest investment is coming barely a year since the startup widened its Series A funding round to US$4 million after securing an additional US$2 million investment from Paper Plane Ventures. 
  • With the new $5.5 million fundraise, the startup’s total funding is now $11.5 million.
  • With the new funding, the startup will continue further consolidate on its growth strategies and further scale the solution into the United States (US).

Why The Investors Invested 

Naspers, one of the largest technology investors in the world, launched Naspers Foundry, a ZAR1.4 billion (US$96 million) fund to help South African tech entrepreneurs grow their startups, in October 2018, and announced its first deal, a ZAR30 million (US$2.1 million) investment in SweepSouth, in June of last year. Aerobotics is its second investee, though the deal remains subject to the approval of local authorities.

Phuthi Mahanyele-Dabengwa, South Africa CEO at Naspers, said food security was of paramount importance, and the Aerobotics platform provided a positive contribution towards helping to sustain it.

“This importance has been highlighted further in the wake of the COVID-19 pandemic, with agriculture considered globally as critical infrastructure,” she said.

“This young, all South African team, has produced a world-class technology solution in South Africa and has also successfully entered the US market where they are gaining momentum. This type of tech innovation addresses societal challenges, and is exactly the type of early-stage company that Naspers Foundry looks to back.”

Read also: Nigeria’s Tomato Jos Raises $4.2 Million In Series A Funding Round Led By Goodwell Investments

A Look At What Startup Aerobotics Does

Founded in Cape Town in 2014, Aerobotics uses aerial imagery from drones and satellites, and blends them with machine learning algorithms to provide early problem detection services to tree and wine farmers and optimise crop performance.

The startup’s cloud-based application Aeroview provides farmers with insights, scout mapping and other tools to mitigate damage to tree and vine crops from pest and disease.

“Our journey is only just beginning, but already Aerobotics has demonstrated success in our ability to collect and analyse tree and fruit-level information, which are critical to the agricultural industry. We have seen great support from commercial-scale farmers and, more recently, crop insurance companies in the US who require accurate tree-level information about their clients,” said CEO Paterson.

 

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer.