CIT invests in Alexandria agriculture software company
Agrology’s platform allows farmers to track factors that could impact crops
An investment amount was not disclosed.
Agrology’s software/hardware-as-a-service platform allows farmers to deploy sensors to track environmental factors that could affect crop yields. Its technology also allows farmers to apply optimal amounts of fertilizer and irrigation to certain stretches of land to maximize crop yield.
“Agrology is helping farmers gain better control over the crop growing process – making it more predictable, improving efficiency, and lowering risk,” Agrology CEO Adam Koeppel said in a statement. “We thank CIT for their support, which is helping accelerate our channel-sales initiatives.”
CIT GAP Funds are awarded through the Center for Innovative Technology in Herndon. The seed- and early-stage investments are made to Virginia-based technology, life science and cleantech companies that the center sees as having high growth potential.
“Over 90% of farmers do not have any sensors or software to guide their irrigation and inputs, a process that is overwhelmingly manual across a majority of farms. As a result, many farmers do not get the coverage they need to monitor the individual micro-climates on their farms,” CIT GAP Funds Managing Director Tom Weithman said in a statement. “Agrology is meeting a critical market need for the agriculture industry, allowing farmers to achieve maximum profitability across their entire farm while using optimal levels of inputs.”
Since its 2005 inception, CIT has invested more than $28.8 million in GAP funding to more than 230 companies.