Telstra backs Internet of Things agtech startup in $2.7 million raise

Telstra has backed a remote monitoring technology startup in a $2.7 million raise.

The telco chipped in $1 million with Macdoch Ventures, Follow the Seed and three Farmbot Monitoring Solutions customers also funding the round.

Farmbot is already looking towards a series B round in early 2022.

The company is looking to expand into the US having recently launched its next-generation satellite connected monitor with ambitions to improve water management practices around the world. Farmbot already has a presence in North America, with product testing underway to optimise the technology for US ranch conditions.

Managing director Andrew Coppin said the business is looking to align its ambitions with the United Nations’ Sustainable Development Goals.

“By giving farmers real-time insights into their water storage and usage, we are creating efficiencies in the way water is managed which drastically reduces wastage and carbon emissions resulting from the manual checking of water in vehicles that is currently commonplace,” he said.

“This aligns us with the UN Sustainable Development Goal 6, to ensure the sustainable management of water for all.”

Coppin said that over the last three years, the company’s headcount has grown from four to over 35 staff, mostly in engineering and R&D roles.

“With the backing of Telstra and other investors we can continue to create skilled jobs and career opportunities for regional Australia, not just our capital cities,” he said

Telstra agribusiness executive said Jon Young Flores said the telco doubling down on driving local innovation and connecting rural and regional communities.

“Connectivity is vital to the digital transformation of the nation and we are investing hundreds of millions into enhancing and extending regional, rural and remote mobile coverage,” he said.

“Farmbot’s value proposition is game-changing and enables thousands of primary producers to be more productive and sustainable. We were impressed they have built a network which can connect any farmer to their dams, water tanks or troughs, to receive real-time updates on water levels from anywhere in the world.”