Telstra Supports Internet of Things Startup With $ 2.7 Million Raise

Telstra backed a remote monitoring technology start-up with a raise of $ 2.7 million.

The phone company contributed $ 1 million with Macdoch Ventures, Follow the Seed, and three Farmbot Monitoring Solutions clients who also funded the round.

Farmbot is already looking for a Series B round in early 2022.

The company is looking to expand into the United States after recently launching its next-generation satellite connected monitor with the ambition to improve water management practices around the world. Farmbot already has a presence in North America, with product testing underway to optimize the technology for ranching conditions in the United States.

Chief Executive Officer Andrew Coppin said the company is seeking to align its ambitions with the United Nations Sustainable Development Goals.

“By giving farmers real-time information on their water storage and use, we are creating efficiency gains in water management, dramatically reducing waste and carbon emissions resulting from the manual checking of water in vehicles which is currently common, ”he said.

“This aligns us with the United Nations Sustainable Development Goal 6, to ensure the sustainable management of water for all. “

Coppin said that over the past three years, the company’s workforce has grown from four to more than 35 employees, mostly in engineering and R&D roles.

“With the support of Telstra and other investors, we can continue to create skilled jobs and career opportunities for regional Australia, not just our capitals,” he said.

Telstra’s agribusiness executive said Jon Young Flores said the phone company is doubling down on efforts to spur local innovation and connect rural and regional communities.

“Connectivity is vital for the nation’s digital transformation and we are investing hundreds of millions in improving and expanding regional, rural and remote mobile coverage,” he said.

“Farmbot’s value proposition is a game-changer and enables thousands of primary producers to be more productive and sustainable. We were impressed that they built a network that can connect any farmer to their dams, water tanks or drinkers, to receive real-time updates on water levels from anywhere. in the world.

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