Stenon lands 20 million US dollars
Felix Leitmeyer | 27.12.2021The company's technology is intended to provide farmers with data that can help them make cultivation decisions.
Potsdam-based start-up Stenon successfully closed a Series A financing round shortly before Christmas. The agricultural technology company was able to take home $20 million in the process. Founders Fund and David Friedberg's holding company The Production Board led the round. Existing investors, including Cherry Ventures and Atlantic Labs, participated again in the funding. Business law firm Osborne Clarke advised Stenon on the funding round.
Stenon intends to use the money to enter new markets and develop new features, services and products. Stenon has already been able to celebrate successes in the past. These include the fact that the company's technology is the only solution for measuring soil in the field to have received external certification for data accuracy from the leading European agricultural association. The latter had worked with a panel of institutes such as the Dossenheim-based Julius Kühn Institute for Cultivated Plants to achieve this.
The company had been founded in 2018. Since then, Stenon has become the global leader in digital, real-time, laboratory-independent soil data, according to its commercial law firm Osborne Clarke. Farmers are said to use this to get data that enables them to make optimal and sustainable cropping decisions. These are said to increase yield, crop quality and soil health. At the same time, they will be able to save capital on inputs.
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