Seed-X Technologies, an agriculture and food technology startup based in the United States and Israel, announced the completion of a $10 million Series A funding round led by iAngels and including the venture capital fund Neva SGR, which is part of the Intesa Sanpaolo group, and Champel Capital. The new investment will allow Seed-X to accelerate its development and expand the commercial reach of its AI-based seed sorting technology.
Seed-XGroundbreaking image-based technology integrates AI, machine vision and deep learning algorithms to optimize seed and grain sorting at the seed and grain level. Seed-X dramatically increases the value of seed and grain lots with the world’s first AI-powered seed analysis platform. This round brings Seed-X’s total funding raised to date to $20 million.
Seed-X Technologies was founded in 2018 by Moti Shniberg and Sarel Ashkenazy, as part of Nacre Capital, a global venture capital builder. The company operates from California, with offices in the Netherlands and Israel, and serves more than 50 customers worldwide. Seed-X was recently selected from hundreds of applicants to join the European Institute of Innovation’s RisingFoodStars Network, to support the development of the company’s AI solution for the grain (food) industry . Last year, Nature magazine published the company’s academic journal in Scientific Reports, validating Seed-X’s technology for germination prediction and sorting.
Funding from this round will bolster sales and marketing efforts of the company’s commercial solution to upgrade and optimize seed lots. Seed-X also plans to expand collaborations and partnerships towards future solutions for the food industry. In October 2021, Seed-X announced the signing of a collaboration agreement with Petkus, one of the world’s leading manufacturers of optical seed and grain processing machines, to develop, manufacture and distribute next-generation sorters powered by Seed-X’s proprietary artificial intelligence technology.
“Our team is made up of outstanding experts in artificial intelligence and deep learning, as well as scientists in molecular biology. This allows us to aim very high and launch our first commercial product in a short period of time,” Mr. Ashkenazi said.
“In the midst of a global food crisis, triggered by rising inflation rates, supply chain obstacles and an ongoing war, and given that global food production will need to increase by 70% by 2050 to meet future demand, Seed-X is leading the next generation of grain qualification technologies. Their AI-powered seed and grain analysis platform helps farmers achieve maximum production potential for each iAngels is proud to partner with seasoned entrepreneurs who are dedicated to empowering today’s agriculture industry to work in a more sustainable, productive and efficient way,” adds Shelly Hod Moyal, Founding Partner at iAngels. .
“The sustainability of the agricultural supply chain is a critical issue and it will become increasingly important in the future,” says Mario Costantini, CEO and Managing Director of Neva SGR. “We decided to invest in Seed-X because it is a very promising investment and a disruptive technology for the agricultural value chain. Based on artificial intelligence and computer vision, it is able to improve food quality and reduce waste.
The completion of the investment round by Seed-X Technologies is a significant milestone and a vote of confidence in the company’s technology and value proposition.
Seed-X is an AI-driven Agri-FoodTech software company revolutionizing seed quality and food safety across the entire seed and grain value chain for the benefit of seed and food companies. Seed-X’s proprietary technology, combining computer vision and deep learning analytics capabilities, facilitates a more sustainable and secure food future by addressing new quality attributes at the single seed level and introducing innovative quality control and segmentation capabilities.