Ag Manufacturing & Technology, Inc., a precision-ag company that develops, manufactures and sells aftermarket ag machinery equipment that eliminates overseeding on all types of agricultural terrain, announced that they have raised $1.3 million in financing led by venture capital firm Innova Memphis.
This cash infusion will enable the company to:
- hire staff
- move to a larger facility
- expand production for the 2020 growing season
The company currently offers the patented IntelliDrive that is specifically designed for the popular John Deere 1690/1990 Air Seeder. IntelliDrive utilizes GPS technology and a proprietary motorized manifold that is controlled by custom software run through an integrated touchscreen display in the tractor cab assuring precise seeding. The system eliminates overseeding due to unlevel cropland or the common end-of-row waste seen with common air seeders. AMT’s solution works by shutting off the individual seeder tubes when those tubes pass over land that has already been seeded.
This issue is commonplace. For a 1500-acre soybean field, overseeding can cost a farmer thousands of dollars a year. According to Rusty Kordick, President of AMT, “the feedback that we commonly obtain is that customers/farmers within a single growing season post adoption of the IntelliDrive unit realize a reduction of seed inputs on the order of 5-20% depending upon the field topography. In some cases, these savings amount to a 100% return on investment in Year 1. Adoption eliminates the typical V-pattern seen at the end of seeding rows. IntelliDrive can be used with any small grain including soybeans, wheat, cotton, rice, hemp, peas, canola, cover crop and other seed”.
This September, the company introduced the patent pending IntelliDrive PLUS manifold designed for John Deere Model 1900 / 1910 commodity carts, which like its predecessor is outfitted with 12 V electric motors, provides variable rate control with interchangeable metering wheels, a stainless steel housing, ISO compatible and has the ability to add true population sensors. Orders for both units continue to expand to the point that Kordick and team are scheduled to move to a new location in Indianola, IA which will provide them with 20,000 sq ft of engineering, manufacturing and assembly space for the expanding team. This capital raise will allow the company to expand their management, sales and engineering staff as well as propel several new product development initiatives that are already underway.
Ken Woody, Partner at Innova Memphis, commented that “We continue to be impressed with the Ag Manufacturing & Technology’s team, the leadership of their board and advisors. Their ability to provide engineered patentable solutions that bring impactful value directly to growers is evident by the expanding rate of adoption, the degree of distributor traction and customer testimonials. We’re excited to play a role in the expansion and continued success of this Iowa based company, whose ingenuity directly impacts the profitability of growers.”
AMT’s Series Seed round was led by Innova Ag Innovation Fund IV LP, along with numerous other angel