Arable Raises $8M in funding, expands to 6 continents
Larta spoke with Adam Wolf, CEO and founder of Arable, to learn more about the company's growth in "decision agriculture" since presenting at Ag Showcase in 2016. As an Ag Showcase alumnus, Arable made valuable connections with investors who not only have provided funding, but strategic support for the company, leveraging deep Ag industry knowledge. Wolf says that Ag Showcase is valuable for “bringing in investors that are familiar with the ag tech industry, can discern the value proposition of a company, and on the strength of their gut, back a company (such as Arable)."
In the near-term Arable plans to focus on business development to monetize their investments in R&D and continue to validate their data and analytics. Arable funded its initial R&D including its sensor development through funding from a National Science Foundation (NSF) Small Business Innovation Research Program (SBIR) grant. The company was born from a need for “the right kind of data” to support the founders’ own modeling endeavors. Arable has been able to profit from selling its data and analytics tools to other model builders and digital applications builders, thereby solving for others the problem they solved for themselves. The company also sells data to those who need to manage risk across various parts of the food and agriculture value chain, giving visibility into their customers’ supply chains predicting yield and quality in time to reduce customer costs. Arable now supports the "rising tide of digital ag."
According to Wolf, Ag Showcase has allowed Arable's team to solidify previous connections that were leveraged into significant funding rounds, including $4.3M in series A funding that the company closed in March 2017. Arable began shipping its first product, the Arable Mark in May, 2017 and has since been able to invest in the necessary infrastructure to scale up production and shipping of this product. To date, after having shipped more than 1,000 devices, Arable has a customer base that spans 6 continents and 20 countries and more than 25 different crop types.
👤 Adam Wolf
💼 Arable Labs, Inc.
📍 Princeton, New Jersey