Hortau, a provider of precision irrigation management systems and services since 2002, has secured $10 million in financing to fuel company growth and broaden its service offering to growers in North America.
The investment is the third major round of financing in the past 20 months for Hortau, establishing itself as a proven leader in precision irrigation management for agriculture.
The $10 million U.S. investment comes from a group that is led by Advantage Capital Agribusiness Partners, LP (ACAP), and joined by BDC Capital, Inc., and repeat investors Avrio Ventures LP II and Capital régional et coopératif Desjardins.
Hortau CEO Jocelyn Boudreau said the investment will allow Hortau to continue growing its operations, expanding on its success from 2015. Last year, Hortau launched a new line of ST irrigation management systems, an upgraded automation platform, and significantly upgraded its software and mobile applications.
“This recent investment will allow us to continue making our platform better, following our mission to deliver more value for growers,” Boudreau said. “Along with more direct field support, this coming year will see more ground-breaking features added to our hardware and software, such as advanced data analytics tools, powerful dashboards, responsive data reporting as well as new partnerships that will give our platform added versatility.”
To remain at the forefront of crop stress and irrigation management technology, Hortau will further grow its technical, grower support and R&D teams in 2016 and also expand into additional regions.
“Hortau has built a world-class platform in delivering best-in-class precision agriculture systems to its clients,” said Aki Georgacacos, a founding partner of Avrio Capital. “We are thrilled to have secured support from Advantage Capital Agribusiness Partners and BDC as we move to continue to consolidate Hortau’s global leadership position in the sector.”
Hortau’s smart irrigation management system, combined with its easy-to-use mobile software, reports to growers how crops are faring in real time – before stresses such as drought or lack of aeration can have a negative impact on the crop.
This proprietary, plant-centric approach helps detect plant stress using soil tension, ensuring optimal crop growth, and reducing water and energy consumption, as well as environmental impacts such as fertilizer leaching.
“From the beginning, Hortau has demonstrated innovation in creating solutions for water conservation and drought, all of which provide vital information to farmers,” said Timothy Hassler, Principal at Advantage Capital. “We are excited to kick off the New Year with this additional investment in Hortau and look forward to supporting the company’s growth.”
Advantage Capital Agribusiness Partners, LP (ACAP) is a $154.5-million fund, licensed as a Rural Business Investment Company (RBIC) by the U.S. Department of Agriculture (USDA), focusing on businesses involved in the production, processing and supply of agricultural products.