Iron Ox, a hybrid robotic greenhouse company, has raised $53 million in funding rounds. The leading funding was done by Breakthrough Energy Ventures which is an investor-led fund owned by Bill gates.
With its farming system launched in 2018, Iron Ox grows produce in advanced proprietary greenhouses. In order to ensure that each individual plant receives the optimal amount of sunlight, water, and nutrients, they use robotics and artificial intelligence. Grover is the central component of their greenhouse automation system. It manoeuvres autonomously and moves plant, sunlight, nutrition, water, and harvesting modules autonomously throughout their greenhouses. They call it “a data-driven approach backed by plant science, robotics, and artificial intelligence to mitigate the environmental impacts of agriculture.”
Food waste reduction
“Our approach lets us grow exactly what’s needed, greatly reducing systemic food waste,” they claim. In addition to farms in California, the startup began construction earlier this year on a 535,000-square-foot indoor farm in Lockhart, Texas.
The company’s products are available in Whole Foods stores throughout California, as well as at Bianchini’s and Mollie Stone’s Markets in the San Francisco Bay Area. A harvest from the new Texas facility is expected to begin sales outside of California later this year.
A significant portion of the new funding round will be used to accelerate Iron Ox’s operations and growth across the United States, as well as expand its research and development programs. Researchers, engineers, greenhouse operators and roboticists are being recruited by the company.
Transform at a faster pace
“Our decision to invest in Iron Ox aligns with our aim to accelerate transitions that can reduce global greenhouse gas emissions,” explained Carmichael Roberts, Breakthrough Energy Ventures. “Iron Ox is uniquely positioned to accelerate the shift towards climate-friendly agriculture, while increasing the accessibility and quality of fresh produce. It’s the type of solution that’s designed to scale quickly and has the potential to get us one big step closer to net zero.”
Investing in companies that are working to mitigate the impact of accelerating climate change is fundamental to Breakthrough Energy ventures. “We support companies that can significantly reduce emissions from agriculture, buildings, electricity, manufacturing, and transportation at a global scale,” they state.
Closed-loop systems
“World-class investors know that humanity’s most important pursuit is to reverse climate change. To get there, we can’t settle for incrementally more sustainable crops — and we can’t ask consumers to compromise on taste, convenience, or value,” said Brandon Alexander, CEO and Co-Founder of Iron Ox.
“We are applying technology to minimize the amount of land, water and energy needed to nourish a growing population. The team at Iron Ox will not stop until we achieve our long-term mission of making the produce sector carbon negative.”
