Agri-BusinessNews

CNH Industrial Announces Acquisition Of Athens-Based Agritech Startup Augmenta

Athens-based agritech startup Augmenta announced that it has been acquired by world class equipment and service company CNH Industrial for $110 million. 

This acquisition will accelerate Augmenta’s growth and offer a unique opportunity to expand its state-of-the-art perception and automation capabilities, broaden its global market reach, and increase its impact on thousands of farms worldwide.

Augmenta is a US based company founded by Co-Founders Dimitri (Jim) Evangelopoulos and George Varvarelis, who used their academic training in electronics and farming backgrounds to create the company. They came up with the Augmenta System – the world’s first real-time, camera and AI based VRA hardware platform. 

The system can be retrofitted to pre-owned farming equipment and is fully supported by a full range of operational analytics, reports and fleet management tools via the Augmenta Web Portal. It offers farmers unparalleled efficiency and ease-of-use.

The Co-Founders set up Augmenta Technologies in 2016 and set out to prove to the world that through optimisation, not only is better sustainability possible, but farmers, irrespective of the size of their operations, can reap substantial financial rewards while achieving it. This led to the creation of an innovative real-time VRA retrofit system compatible with most machinery brands that fully automates impactful farming agrochemical applications.

Its growing global presence includes Europe, North and South America, and Australia. The main mission of the company is to augment the capacity of arable land in a way that is beneficial for both the farmers and the environment. As a high-tech precision agriculture company, it offers farmers the solution of easily optimising their inputs, having complete control over them, operating their farms sustainably, and securing or even increasing their yield. Augmenta has enabled farmers worldwide to make the most out of every acre in an environmentally sustainable way.

With this integration, Agritech Startup Augmenta will amplify its impact, while CNH Industrial will provide a seamless offering of the deepest technology in its farm input automation vertical.

Augmenta has been providing products and services around crop input management and farm analytics to farmers across many geographies, while also working with CNH Industrial and its subsidiary, Raven, as traditional business partners. This pairing was further enhanced after CNH Industrial became a minority strategic shareholder and joined Augmenta’s board of directors in 2021. After two years of close partnerships at every level, both parties agreed that joining forces under CNH Industrial’s ownership would significantly accelerate their vision and mission.

George Varvarelis, Co-Founder and CEO of Augmenta, said, “we are extremely excited to become part of CNH Industrial and continue building deep technological solutions together that enable a more sustainable future for farms of all sizes, as well as the environment.”

“Our beyond-state-of-the-art ag perception stack combined with CNH Industrial’s high-quality ag equipment and tech stack will give a material advantage to farmers in their daily farming practices, resulting in increased efficiency, precision, and profitability.”

Source: Augmenta