South African startup Aerobotics has raised $17 million in an oversubscribed Series B round led by Naspers, with participation from Platform Investment Partners, FMO: Entrepreneurial Development Bank, and Cathay AfricInvest Innovation.
The seven-year-old startup was founded in Cape Town, South Africa, and has quickly scaled its mission to provide customers with intelligent tools to feed the world. In the last few years, Aerobotics has experienced record growth. In the United States alone, the company’s revenue has grown in excess of an order magnitude, and this Series B investment will further technology development and product delivery in the US and Aerobotics’ other core territories.
“We’re committed to providing intelligent tools to optimize automation, minimize inputs and maximize production. We look forward to further co-developing our products with the agricultural industry leaders,” said Paterson, the CEO in a statement.
Phuthi Mahanyele-Dabengwa, CEO of Naspers South Africa, said of the investment, “Food security is of paramount importance in South Africa and the Aerobotics platform provides a positive contribution towards helping to sustain it. This type of tech innovation addresses societal challenges and is exactly the type of early-stage company that Naspers Foundry looks to back.”
The startup, previously, raised $600,000 from 4Di Capital and Savannah Fund in September 2017 and further raised $ 4 million in Series A funding in February 2019, led by Nedbank Capital and Paper Plane Ventures.