Farmbot Monitoring Solutions, an internet-of-things provider focused on farmers’ water assets, has secured $4.6 million in capital to support expansion plans for subsidiary Ranchbot in the U.S.
The Sydney, Australia-based firm surpassed its original target of $3 million with help from shareholders Telstra and Macdoch Ventures, alongside new investors from the U.S. ranching sector, according to a LinkedIn post.
Andrew Coppin, co-founder and managing director, plans to use the investment to expand Farmbot beyond water management to include tools for broader farm infrastructure and assets like soil, pasture and biodiversity.
“Combining this capital with our impressive team in both Australia and the U.S. will be instrumental in accelerating growth in the farming and ranching sectors,” Coppin said in a statement.
Farmbot supports more than 3,500 farms and stations and employs a team of 70 people.
The company’s products can monitor the water levels of tanks, bores and dams, as well as send real-time alerts to smartphones, according to Farmbot’s website. They also can detect leaks, track rainwater collection and automate water pumps.