FarmLogs has landed $10 million in venture capital, seed money the Ann Arbor-based software startup plans to leverage for some significant growth in 2015.
The agricultural technology company latest injection of funding is a Series B round with existing investors
Drive Capital, Ann Arbor-based
Huron River Ventures, and
Hyde Park Venture Partners participating. New investors in the Series B round include
SV Angel and
Sam Altman, president of Y Combinator. FarmLogs has raised a combined $15 million in venture capital to date.
"We're a software company so most of that capital goes toward paying salaries for great people," says Jesse Vollmar, CEO of
FarmLogs. "That's what we will continue to do."
The 2-year-old startup launched out of
Y Combinator incubator in Silicon Valley and immediate moved to Ann Arbor. Its headquarters is now in Kerrytown. The company employs 22 people after hiring a dozen in 2014. It is currently looking to hire 21 more (more info on the openings
here) and Vollmer expects his staff to hit more than 50 people next year.
"That's safe to say," Vollmar says. "We will have more than 50 people working for us."
FarmLogs platform modernizes farming, streamlining the process with software and applying data analytics to maximize yield production. It is currently serving farms in all 50 states and in 130 countries around the world. It currently has $12 billion worth of crops under management from its software.
Source: Jesse Vollmar, CEO of FarmLogs
Writer: Jon Zemke
Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.
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