The additional funding came from existing investors Drive Capital, Huron River Ventures, and Hyde Park Venture Partners. SV Angel and Sam Altman, Y Combinator’s president, also participated in the round, which brings FarmLogs’ total funding to $15 million.
Since launching and graduating from YC’s winter 2012 class, the Michigan-based company has seen tremendous growth, tripling its marketshare in the first six months of 2014. The additional funding will be used to further the company’s technology and hire the right people to scale the business.
The company was founded in Silicon Valley and later moved to Ann Arbor, Michigan. Earlier this year, Jesse Vollmar, CEO and co-founder explained to TechCrunch the company’s focus is building out its product to intelligently predict and optimize crop rotations as well as automate activity data collection.
FarmLogs uses in part low-cost Bluetooth hardware that can analyze and upload data collected modern farming equipment. With this data, FarmLogs’ platform can help crop farmers quickly and efficiently forecast profits, track expenses and more efficiently schedule operations.
“We will continue to add great people to our team of engineers, data scientists and designers,” said Vollmar in a released statement. “I’m amazed at all the momentum we’ve been able to build and at how much value we can create for farms all over world. Having additional capital behind us accelerates our ability to bring the best science and technology to every farm through intuitive software.”
Pun alert: Clearly with this new round of funding, FarmLogs is set for a plentiful harvest.