The San Francisco-based startup Farmers Business Network (FBN), which helps farmers make decisions with data and Earth imagery, recently closed a $15 million round of venture funding for a total of $28 million.
FBN operates as an advisor as well as a network, so farmers can compare their performance against their peers. The company creates maps of soil and yield, along with details on a farm’s fuel, seeds, fertilizer and pesticides.
By aggregating information from individual farms, FBN presents farmers with feedback on other fields based on similar conditions. With such data, farmers can make decisions about what seeds to plant or management practices to adopt based on performance.
Launched in November 2014, FBN now aggregates data from 7 million acres of farmland across 17 states and is growing at more than 30 percent per month. The functionality of the company’s online platform also continues to expand, tracking the performance of 500 seeds and 16 different crops.
With this added insight, farmers are able to make better decisions about their seed choice, fertilizer and pesticide use to increase productivity and reduce costs.