Crop monitoring insurtech PlanetWatchers has raised US$11mn as part of its Series A funding round to support its ambitious plans for growth.
The London-based firm uses advanced machine learning (ML) technology to support insurers in verifying crops, tillage, planting dates, acreage, crop classification and weather damage at scale. By using a technique known as synthetic aperture radar (SAR), it can guarantee insights to insurers at any time, regardless of weather or lighting conditions. SAR enables PlanetWatchers to detect physical properties and changes to them over time, providing valuable insight to its clients.
The US$11mn raised will be used to invest further in PlanetWatchers’ SAR-based data analytics, as well as expanding its commercial teams to meet higher demand. Lead investors include spacetech investors Seraphim and deep tech VC Creative Ventures. The latest funding builds on PlanetWatchers’ successful pre-Series A round, which the company closed in June 2021.
Ensuring the future of global food supply chains
PlanetWatchers Chief Executive Dominic Edmunds says: “I’m delighted that PlanetWatchers can now take the next steps on our ambitious journey to tell the story of every field. We are thrilled to have the support of both Seraphim and Creative as co-leads and the other investors in the round. We look forward to expanding our market-leading technology and our commercial footprint together.”
Andre Ronsoehr, Principal at Seraphim Space, adds: “PlanetWatchers have achieved an awful lot over the past year, and I am proud of the entire team at the company. They have established themselves as a great partner to major companies that are vital in ensuring today’s global food supply chains, namely crop insurers and agricultural companies. The team’s capabilities in analysing synthetic aperture radar (SAR) data and giving customers actionable insights are second to none, and we are very happy to back them in fulfilling their full potential.”
And Champ Suthipongchai, General Partner at Creative Ventures, says: “Rarely do I see a company so well managed and executed as PlanetWatchers, thanks to its CEO, Dominic, and its executive team. The company continues to grow by leap and bounds since our initial investment and is clearly a category leader within the crop insurance industry. I have utmost confidence in its potential to upend multiple other industries through its SAR technology.”