Hummingbird Technologies, the London-based developer of remote sensing and artificial intelligence applications for precision agriculture, has received a significant capital injection from its third and latest funding round. Although the amount hasn’t been disclosed, earlier rounds raised £3 million and £7m.
The business started in 2016 at the Imperial College Technology Incubator, and now has 40 full time employees in London, with satellite offices in São Paulo, Sydney, Lviv and Moscow. Backers include Downing Ventures, Sir James Dyson, the European Space Agency, Horizons Ventures and the Velcourt Farming Group.
Investors in the latest round include BASF Venture Capital, TELUS Ventures and the Saudi Agricultural and Livestock Investment Company (SALIC). Agricultural experts from BASF UK have been working with the startup since 2016.
The Hummingbird technology platform captures aerial images of fields from satellites, planes and unmanned aerial vehicles, using algorithms to processes image data to calculate input requirements and forecast yields. The data can be used to apply inputs more precisely in achieving significant yield increases and efficiency savings.
“The investment will allow us to augment our leading position in core international markets, to pursue expansion opportunities that involve API (Application Program Interface) software integration and to extend our machine learning advantage at both a team and code level,” says Hummingbird chief executive Will Wells. “We have a clear target to become the leading global remote sensing player in AgTech. With such strong institutional backers and technical expertise behind us, our journey towards achieving this goal has gathered serious momentum.”