Israel-based agtech company N-Drip, which develops irrigation technology, announced a $44 million Series C round.
The company, co-founded by Prof. Uri Shani, Dr. Ariel Halperin and Ran Ben-Or, holds a variety of patents around the world that allow farmers to irrigate their previously flood-irrigated fields using only gravity and no external energy to either filter the water or to propel it across the field.
The gravity-powered micro-irrigation system which helps farmers irrigate more precisely and efficiently, optimizing yields without requiring expensive pumps or pressure-based filters, was invented by Professor Uri Shani, Israel’s former Water Commissioner, who is also the company’s chairman and chief technology officer.
N-Drip, led by CEO Eran Pollak, has nearly 100 employees, and currently does business in 17 countries, with a special emphasis on the U.S., India and Australia.
“The current funding round will support the company’s rapid growth at the same time as a global water crisis has farmers and policymakers looking for solutions that will allow them to continue to grow food and fiber, although with less water,” noted Pollak. “Farmers with farms of all sizes and in all geographies will be able to make use of our transformative technologies to help assure stability and continued farm income while also joining the worldwide effort to meaningfully reduce agricultural greenhouse gasses.”
Investors include the Liechtenstein Group, Hamilton Lane, and Natural Ventures as well as investors from previous rounds, Granot Group, Bridges Israel, Kibbutz Ein Harod Ihud, and a group of U.S.-based investors. N-Drip has raised a total of $80 million to date and according to estimates was valued at $200 million in this round.
Photo: N-Drip system in action. Credit: Sivan Farage
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