Saga Robotics raises EUR 9.5 million in an effort to address agricultural labour shortages worldwide with their fleet of Thorvald robots.
The traditions of the agricultural industry are set for a technological shift. Norwegian and UK based Saga Robotics has recently raised EUR 9.5 million from international investors in support of its ambitious growth plans.
Interest in Thorvald has soared
Demand for increased automation in the world's largest industry is booming. The agricultural sector employs roughly 1.1 billion people worldwide yet continues to face challenges with labour shortages. The coronavirus pandemic has added further strain to the situation, limiting the amount of available labour on farms and impacting overall food production. The need for environmentally conscious, sustainable solutions is imperative, making the case for robotics solutions stronger than ever.
Thorvald robots are operating on multiple farms across the world, where they perform light treatment to control mildew on strawberries and vines, drastically reducing the need for fungicides. Development of highly anticipated autonomous strawberry pickers is underway, and their commercial deployment is soon to follow. The technology developed for Thorvald offers substantial benefits to farmers and, paired with its cost-effectiveness, has the potential to revolutionise the industry to the same extent the tractor did. Farmers are welcoming the advances in technology and the waiting list for the services provided by Saga Robotics is growing rapidly. Farms in Norway, the US and the UK have already chosen Saga Robotics as their robotic partner of choice after seeing product results and the versatility and integration efficiency of the Thorvald platform.
Large investors are contributing to the technology adventure
Modern agriculture is changing, and large international investors see opportunities in this technology. The Norwegian sovereign climate investment company Nysnø Climate Investments invests with reputable London-based ADM Capital Europe LLP and Rabo Food & Agri Innovation Fund, the investment arm of world-leading Dutch agricultural bank Rabobank. The lead investors were also joined by a group of Norwegian investors including Propagator Venture.