A British satellite imaging start-up which uses artificial intelligence to help farmers cut costs and boost crop yields, will this week unveil a multimillion pound funding round backed by the UK Space Agency.
Sky News understands that Messium, an agritech company working with 75 farms in the UK and Europe, will announce on Wednesday that it has secured £3.3m in seed funding in a round jointly led by the UK Innovation & Science Seed Fund (UKI2S), which is managed by Future Planet Capital.
Messium uses hyperspectral satellite imaging and AI analytics to improve the efficiency of farmers’ crop management by detecting how much nitrogen is present in each part of a field.
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This data is then analysed alongside information about weather patterns, soil and farm management to assess crop health and nutrient needs more precisely.
The issue is becoming more acute amid the challenges posed by the impact of climate change in global agriculture.
The start-up’s fundraising included backing from UKI2S’s Space portfolio, as well as funds such as Expansion Aerospace Ventures, Mudcake, Laconia, GRDC GrainInnovate, and existing investor SuperSeed.
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Messium’s new funding will fuel its rollout in the UK, Europe and Australia, according to the company.
Additional pilots are underway in Australia, New Zealand, Canada and the US.
Trials conducted by Messium last year found that over half of fields were incorrectly fertilised, triggering wasted cost and unnecessary emissions by farmers.
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George Marangos-Gilks, Messium’s co-founder and chief executive, said: “Feeding the world sustainably is one of the defining challenges of our time.
“Today, more than half of all farmland is either over- or under-fertilised – a problem that wastes billions, drives emissions, and holds back global food security.
“We believe the answer lies in harnessing the best of satellite technology and AI to deliver field-specific recommendations at massive scale – week in, week out, for every farmer on the planet.”
A larger Series A funding round is now being planned by the company.
“Messium represents a leap forward for global agriculture, harnessing hyperspectral satellite imaging, cutting-edge crop science, and innovative analytics all in one offering to address one of the world’s most urgent resource challenges,” said Shruti Iyengar, space investment lead at Future Planet Capital-managed UKI2S.
“The impact is significant – from reducing agri-input use and associated water pollution, to increasing yield per hectare for some of the most widely consumed crops.”
