John Deere invests $10m in Reservoir Farms as agtech incubator turns a profit
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John Deere is doubling down on its support of agtech incubator Reservoir Farms, investing $10 million over the course of three years, as revealed during the first annual Ruggedize agricultural AI conference in Salinas, California, Aug. 26-27. Last year, Reservoir Farms welcomed John Deere as its official original equipment manufacturer (OEM) partner, providing start-ups with ag equipment and technical support and expertise. This partnership is designed to further accelerate the development and commercialization of physical AI (rugged AI) technologies for specialty crops by providing additional support. Currently, Reservoir Farms houses 22 start-ups that pay from $3,000-6,000 to rent farmland in one or more of its locations, including Salinas and Sonoma, California, to develop and test their agtech solutions, Danny Bernstein, Reservoir CEO, told AgNavigator. Reservoir Farms also has plans to expand into Central Valley, California, and Yuma, Arizona. John Deere's funding goes directly towards supporting farm operations and expenses, including farm rentals, equipment expenses, technical expertise, etc. Earlier this year, Reservoir entered a similar partnership with Western Growers, where the specialty association invested $1.5 million across three years. As part of initial partnership, John Deere laid out a series of goals for Reservoir to meet to secure additional funding...
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