FREDERICTON – Resson, a New Brunswick-based predictive analytics company for the agricultural industry, announced a $14 million Series C round of financing on Tuesday.
The financing round welcomed Mahindra & Mahindra as a strategic partner, joining existing strategic partners McCain Foods and Monsanto Growth Ventures, as well as existing investors, Build Ventures, Rho Canada, BDC Capital, East Valley Ventures and the New Brunswick Innovation Foundation.
Resson’s strategic partners and investors participated in this round of financing. The company previously received a $-11 million Series B funding round in June 2016.
Resson uses machine learning, big data analytics and computer vision to help growers of crops such as potatoes, spinach and grapes make better-informed decisions about crop management to increase productivity on their farms.
Using cameras mounted on tractors or drones, the Resson Agricultural Management and Analytics System (RAMAS®) provides a dashboard view that delivers insights that help better manage yields, crop inputs and agronomy decisions.
“Our strategic partners have been critical to the development of our technology and our rapid growth over the last two years,” said Jeff Grammer, CEO of Resson, in a release.
“With the addition of Mahindra & Mahindra, we will expand our understanding of predictive analytics to maximize yields and profits for growers.”
Mahindra & Mahindra is the latest company to join Resson as a strategic partner. Headquartered in India, Mahindra & Mahindra is the world’s largest selling tractor company by volume, and the company boasts more than 500 dealerships in North America.
“Agriculture is an increasingly technology-intensive business, and Resson’s precision farming solutions will help growers get more yield from every acre,” said Rajesh Jejurikar, president of the farm equipment sector of Mahindra & Mahindra. “We are delighted to join McCain Foods Limited and Monsanto Growth Ventures as a strategic partner of Resson.”
Resson is actively working in partnership with McCain Foods and its team of agronomists to test and advance the company’s technology in real life commercial potato farming environments. McCain Foods was Resson’s first customer and has been a hands-on strategic partner to the company from its earliest days.
“McCain has a proud history of advancing agricultural practices in potato growing and we remain committed to this approach,” said Max Koeune, president and CEO of McCain Foods Limited.
“Our desire for continual improvement fuels our ongoing drive to partner with leading-edge technology companies such as Resson, to create breakthrough innovation in agricultural technologies and set new standards for efficient crop production.”