Morges, Switzerland – July 23, 2019: Gamaya, active in precision agriculture, raised 12 million francs in a series B financing round, including 4.2 million francs in the form of convertible bonds in what marks a turning point for this EPFL spin-off.
Gamaya’s story begins in an academic laboratory in Lausanne and continues on large agricultural areas in countries such as Brazil, which have become the company’s primary market. The company was founded in 2015 and today has 21 employees.
At its head, Yosef Akhtman, founder and CEO. The start-up is developing an aerial imagery system providing information on the condition and composition of soils. Thanks to the use of a miniature hyperspectral camera, on board a drone, its technology makes it possible to carry out a large-scale diagnosis of crops (diseases, pests, weeds).
With this fundraising, Gamaya is accelerating its development. It should be noted that the financing round was led by Mahindra & Mahindra, an Indian company, joined by existing investors ICOS Capital and VI Partner.
To be more precise, Mahindra & Mahindra is one of the leading tractor manufacturers in the world, with 40% market share in India. Its strategy consists of using digital and precision farming technologies for its tractors and agricultural equipment. In particular, the company has developed a digital advice application MyAgriGuru, which connects farmers to agricultural experts.
“We have been working with Mahindra & Mahindra for a few years now and this successful collaboration has resulted in Mahindra’s decision to invest,” explains Yosef Akhtman. So, with these new funds, the Vaud-based start-up wants to focus on its commercial activities by strengthening its team and increasing its local presence in target markets. In addition, Gamaya will continue to invest in the establishment of IT infrastructure and equipment on an industrial scale.