Irish agritech company MagGrow raises €6m for crop-spraying tech in Series A round of funding led by Astanor Ventures. It brings the total fund raised for the Agritech startup to €18 million. MagGrow uses magnetic technology to spray crops more precisely, producing higher crop yields, and reducing water and pesticide use. Farmers using the system can improve their crop coverage by 20%+ and reduce drift by up to 70%.
Its’ patented, proprietary technology significantly reduces waste associated with conventional pesticide applications, delivering important plant protection products where they matter the most.
|Problem Statement||MagGrow Solution|
|70% of pesticide spray does not reach the target crop||Increases coverage by 20% + and reduces drift by up to 70%|
MagGrow technology uses permanent rare earth magnets to expose pesticide fluid to static non uniform magnetic fields under appropriate flow conditions. This has the impact of affecting physical properties of the fluid that determine MagGrow’s characteristic spray droplet formation, droplet dynamics and droplet adhesion. Critically, MagGrow technology allows growers to use much smaller droplets without the drift and waste normally associated when using these smaller nozzles.
MagGrow’s technology is already playing a pivotal role in transforming our food system. With an ambitious target being set around the EU to reduce pesticide use, technology will be a crucial enabler of this transition.Hendrik Van Asbroeck, a partner at Astanor Ventures
Current projections indicate that food production will need to increase by over 70% in order to feed a rapidly growing global population, estimated to reach approximately 9 billion people by 2050. However, it is estimated that without crop protection products the world would have somewhere between 50-80% less food.
To meet this demand, the world needs to grow more using less resources. This is where MagGrow steps in. MagGrow delivers over 40% increased coverage and up to 70% drift reduction. In addition, the use of the technology reduces inputs by up to 25% and water by 50%, extends spray windows and reduces labour, while also meeting environmental regulations and objectives.
The new investors align with the company’s core values and collective desire to do our part in feeding this planet sustainably.Gary Wickham, founder and CEO of MagGrow
MagGrow’s strong traction and growing presence in countries such as the US, Australia and the Netherlands signals that farmers are embracing this technology. The funding round will help to hire new recruits and develop its patented crop spraying equipment for potential use in making irrigation, sanitisation and fruit and vine growing more efficient and environmentally sustainable.
Read more at Independent.ie