Since 2010, there has been a notable rise in the adoption of precision irrigation, particularly among medium- and large-scale farmers. The increased awareness of the advantages offered by precision irrigation solutions has been a significant factor driving this trend.
According to the BIS Research report, the global precision irrigation market was valued at $2.23 billion in 2022 and is expected to reach $4.47 billion by 2027 at a CAGR of 14.84% during the forecast period 2023-2027.
Additionally, the presence of advanced technology in certain regions worldwide has also played a role in encouraging farmers to adopt precision irrigation methods.
Viridix, an Israeli agricultural technology (AgTech) firm, disclosed raising $4.1 million in funding in April 2023.
Here’s the Complete Story
Founded in 2016, Viridix precision irrigation technology offers an advanced irrigation system that enables growers to accurately assess their crops' irrigation requirements.
This system incorporates user-friendly RootSense soil sensors and SaaS software. The investors involved in this funding round comprise a combination of angel investors and venture capitalists, whose identities remain undisclosed.
During this funding round, Viridix has extended its advisory board to include Barak Soreni, the former CEO of Psagot, one of Israel's most prominent and long-standing investment houses, and Oded Shosayov, a distinguished entrepreneur and esteemed professor at the Hebrew University.
What’s New for Customers?
As the global population grows, there is a corresponding rise in the demand for food. To fulfill this increasing demand, farmers are faced with the challenge of producing larger crop yields while managing finite resources in a sustainable and economically conscious manner.
Viridix's latest innovation, the Irrigation On-Demand feature, offers a solution by providing fully automated irrigation tailored to the specific needs of each plant. By leveraging Viridix's technology, farmers can conserve water, enhance crop yields, improve crop quality, and in turn, boost their overall profits.
Viridix's clientele extends both within Israel and internationally. Among its customers are Al Foah, a date producer based in the U.A.E., and Motek Water Solutions, a distributor of Motorola Solutions, which will promote landscaping services in both Israel and Australia through an app.
What do Experts Suggest?
Debraj Chakraborty, Principal Analyst at BIS Research, states that “Precision irrigation is likely to remain a crucial tool for farmers in the upcoming years as climate change concerns among farmers increase on a global scale.”
As per startup Nation Central, Viridix's autonomous irrigation solution has demonstrated its efficacy in various instances, with documented savings of up to 40% in irrigation water. This makes it an exceptionally efficient and environment-friendly choice for farmers and growers.
Alongside Viridex, N-Drip, an Israeli company specializing in smart irrigation systems, is actively aiding farmers in conserving water, increasing crop yields, and achieving these benefits at reduced expenses. N-Drip, in June 2023, secured $44 million through a Series C financing round, aiming to utilize these funds to expand its presence on a global scale.
Conclusion
Recently, in June 2023, the World Bank granted approval for a $148 million financing initiative earmarked for a minor irrigation project. This project aims to bolster water availability and enhance food security for approximately 960,000 individuals residing in West Bengal.
AgTech startups around the world are focusing on precision irrigation, enabling farmers to increase their profit margins while achieving higher yields and better-quality crops using minimum resources, such as fertilizer and energy.
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