Valmont Industries, Inc., a maker of irrigation and infrastructure equipment based in the United States made an announcement on Wednesday concerning its acquisition of agtech startup Prospera, based in Israel. The acquisition is for a monumental $300 million. Prospera Technologies is focused on the development of artificial intelligence-based sensors and cameras that facilitate the monitoring of crops.
The acquisition is a result of a strategic partnership between the two companies spanning over two years. This will mark the creation of the “largest global, vertically-integrated artificial intelligence company in agriculture.”
The company marked its beginning in the year 2014. It was the fulfillment of the idea of the founders, Koppel, Shimon Shpiz, and Raviv Itzhaky.
The agricultural field is gradually being introduced to the perks of using smart technologies, and the results are commendable. Prospera Technologies is one such startup bringing the primary sector a step closer to the benefits of technology that can positively impact the crop. The in-field cameras and climatic sensors offered by the company enable the farmers to efficiently manage the crops. They will be equipped with the full knowledge of what is happening in the fields, on a real-time basis. This allows them to spot the points of weakness, thereby helping them to address critical issues that lead to underperformance and losses.
The solutions offered by the startup are affordable, allowing the farmers to adapt ways of farming that reflect efficiency and sustainability. They also ensure that the resources are used optimally, in the best way possible, thereby allowing them to tap into the maximum potential of the crops.
It is expected that the acquisition deal will be sealed by the second quarter of 2021.
Since the year 2019, the two companies have been working together, channeling their efforts and resources towards the integration of AI technologies to facilitate the development of real-time analysis of crops and detection of anomalies, and corresponding solutions. The promising technologies have been adopted by more and more farmers these days. The brilliantly positive impact of these technologies on the crops, resulting in increased revenues ensures customer satisfaction and retention. The partnership, particularly the technology of Prospera has helped in expanding the intelligent solutions.
According to Stephen G. Kaniewski, President, and CEO of Valmont,
“Today’s acquisition is a testament to our commitment to make the farm more efficient and increase productivity while dramatically improving sustainability. Building on the successful partnership with Prospera, we are accelerating our commitment to provide services that enhance the lives of our customers and the communities in which they operate, as well as finding new ways to achieve higher crop yields using less – land, water, chemicals, fertilizers, fuel, and time.”