FOR IMMEDIATE RELEASE
January 31, 2018
Contact: Tim Sprinkle
Agrilyst Closes Strategic Funding Round
Capital Will Support Growth, Product Development and New Business Lines
BROOKLYN, NY – Agrilyst, the intelligence platform for indoor farms, is pleased to announce the recent closure of its latest strategic fundraising round. New investors included iSelect Fund, Argonautic Ventures, Horizons Lab and Onlan Capital Ventures, with existing investors Compound and New York State Innovation Venture Capital Fund joining as a follow-on.
“Agrilyst has been growing by leaps and bounds over the last few years,” says founder and CEO Allison Kopf, “and this capital raise is going to help us bring even more products and services to our customers. But, for me, it’s about even more than that. Farms are not just businesses; they’re a livelihood. A farmer won’t invest in something that takes them a significant amount of time to learn or use, isn’t reliable, or costs more than its clear value. We are committed to building software that our farmers don’t only need, but also love to use. That’s our vision, and we’re very excited about what’s ahead for us and our customers.”
“Agrilyst has proven that is has the best product on the market for this industry and is solving a growing problem in a new, exciting way,” says Carter Williams, iSelect CEO. “It’s helping farmers run their businesses more profitably and we’re excited about the potential for indoor farming. Agrilyst is well positioned to help the industry succeed.”
In 2017, Agrilyst made two key leadership hires, bringing Jon Dayton on board as Chief Technology Officer and Mikhail Hutton as Vice President of Customer Success. This capital raise will also be used to support Agrilyst’s strategic growth efforts and further expansion into new markets and product lines.
“We see a world where computation cost is driven to zero and we now have the resources to monitor the growth, health, and biology of every single seed,” says Phil Chen, Advisor at Horizons Lab. “I see Allison and her team at Agrilyst as the interpreters of this data to secure future food sources.”
The Agrilyst platform helps indoor farm operators run their operations more efficiently by managing workflow, tracking crops from seed to harvest, and aggregating data from sensors for for operational optimization. The company added more than 100 new customers in 2017 and has seen 500% growth in terms of both revenue and customers since 2016. Currently available in 10 countries, Agrilyst is now supporting growers that are producing more than 50 different different types of vegetables and 800 different crop varieties, including new categories: cannabis, floriculture and insect production.
Empire State Development President, CEO and Commissioner Howard Zemsky said, “Agribusiness is a critical part of New York State’s economic development strategy and providing high-tech companies with state funding helps spur job creation and industry growth. New York Ventures is proud to support Agrilyst, a company at the intersection of agriculture and technology, as it seeks to modernize and expand the farming industry.”
“We’re thrilled to continue working with Agrilyst,” says David Hirsch, Compound Co-Founder and Managing Partner. “Everyday, more and more farmers are becoming profitable because of Agrilyst and new farmers are using the platform to scale their businesses around the world. We can’t wait for what comes next.”
About Agrilyst: Founded in 2015 and based in Brooklyn, NY, Agrilyst is the virtual agronomist powering the horticulture industry. Its subscription-based software helps indoor growers and vertical farmers automate labor-intensive processes like production planning, crop scheduling and task management in order to drive higher revenues on the farm and leverage the power of Big Data analytics. Available in 10 countries and covering dozens of different crops, Agrilyst is committed to helping every indoor farmer reach profitability. Learn more and request a demo at agrilyst.com.