Key Takeaways:
- Saga Robotics secures $11.5 million in growth capital to advance its agricultural robot, Thorvald.
- The funding round saw continued support from existing shareholders and welcomed new investors, including Songa Investments and MP Pensjon.
- Thorvald robots, equipped with AI, are transforming agriculture by reducing pesticide use by 60-90% and promoting sustainable food production.
- The capital will fuel expansion in American vineyards, strengthen its UK market presence, and develop new tools and data services.
- Saga Robotics aims for global scalability with Thorvald, demonstrating significant economic and environmental benefits for the agriculture sector.
Saga Robotics Secures $11.5M From Existing Shareholders As Well As New Investors, Songa Investments & MP Pensjon
Innovative Robotics Transforming Agriculture
Norwegian technology firm Saga Robotics has announced a successful $11.5 million equity transaction to support the growth of its groundbreaking agricultural robot, Thorvald. This investment underscores the continued confidence of existing shareholders, such as Nysnø Climate Investment, Aker, and Rabo Ventures, alongside the introduction of new investors like Songa Investments, part of the Blystad Group, and MP Pensjon.
Thorvald: Leading the Charge in Robotic Farming
Thorvald, the company’s flagship autonomous robot, is designed to supplant traditional tractors and manual labor. By deploying Thorvald, farmers can achieve a 60-90% reduction in pesticide use, significantly lower CO2 emissions, and combat plant diseases more effectively.
CEO Anne Dingstad highlighted Thorvald’s impact, noting that nearly one in ten strawberries in the UK will be treated by these robots in the current year, marking the start of Saga Robotics’ global expansion.
Strategic Growth and Expansion Plans
The newly acquired capital will enable Saga Robotics to expand its presence in the American vineyard sector, continue its rapid growth in British strawberry farms, and further innovate tools and data services. The UK market has seen a notable increase in the area treated by Thorvald, laying a solid foundation for entry into the significant American wine industry.
Thorvald 3, the latest robot iteration, is set to enhance operational efficiency over larger areas and is equipped with high-intensity UV-C light for combating powdery mildew without pesticides. Furthermore, the robot’s integrated cameras facilitate advanced crop prediction through detailed plant data collection.
Global Scaling Potential Recognized by New Investors
Songa Investments expressed strong confidence in Saga Robotics’ technology and its potential for global scaling. Investment Director Jacob Ziesler of the Blystad Group praised the robot’s economic viability for farmers and its substantial contribution to reducing greenhouse gas emissions. The firm’s commitment to Saga Robotics underscores the perceived global demand for innovative solutions in sustainable agriculture.
Image provided by Saga Robotics
