Technology company Saga Robotics has successfully raised $11.5 million in growth capital through an equity transaction. Existing shareholders, Nysnø Climate Investment, Aker, Rabo Ventures, Hatteland, Melesio Capital, and Sanden, continue to support the company. New shareholders are Songa Investments, which is part of Blystad Group, and MP Pension. Founder Pål Johan From remains as one of the main shareholders.
Saga Robotics, a leading Norwegian technology company, is revolutionizing agriculture by replacing traditional tractors and manual labor with artificial intelligence-powered robots. The autonomous robots, named Thorvald, reduce plant diseases and promote sustainable food production with lower CO2 emissions and a 60-90% reduction in pesticides.
“Robots are now capable of covering large areas and performing precision tasks that surpass conventional farming methods. Thorvald is leading the way in this transformation. This year, nearly one in ten strawberries in the UK will be treated by Thorvald – and this is just the beginning of our global journey,” says Anne Dingstad, CEO of Saga Robotics.
The new capital will be used to position the company for growth in American vineyards, continue rapid expansion and, strengthen its leading position in British strawberry farms, and develop new tools and data services. In the UK, the company has secured contracts with major players in strawberry production, significantly expanding the treated area compared to the previous year. The success in the UK has set the stage for growth in the vast American wine market, where Thorvald is already in use with large, forward-thinking customers.
Scaling will be facilitated by a new generation of the robot, Thorvald 3, which operates larger areas more efficiently and is designed for both scaled production and operation. The robot employs high-intensity UV-C light, an effective method to combat the fungus powdery mildew, without the need for pesticides. Thorvald is also equipped with cameras, collecting images and information from each plant for crop prediction. Data collection is already underway in the UK, where Thorvald also performs tasks such as cutting runners and spreading predatory mites in strawberry production.
The new shareholder, Songa Investments, has strong confidence in the technology developed by Saga Robotics and recognizes its global scaling potential.
“We clearly see the value Saga Robotics is already creating for its customers in the UK and the US. The flexible, self-driving platform developed by Saga Robotics offers significant opportunities to continue supporting agriculture with efficiency, reducing the need for spraying, and making a substantial contribution to greenhouse gas reduction. The use of Saga Robotics’ robot makes economic sense for farmers, and the global scaling potential is immense. We look forward to supporting Saga Robotics on their exciting journey in the US and with further global scaling,” says Jacob Ziesler, Investment Director at Blystad Group.
For more information:
sagarobotics.com