Digital farming Automation and Data provider Phytech secured $23.5 million in Growth Funding

Phytech Ltd, an Israel based digital farming automation and data provider, has now secured $23.5 million in growth funding round.

Phytech is founded by the Sarig Duek. It provides farmers with digital farming to optimize production and transform operations by connecting them directly to their plants. With the help of its proprietary technology of vertically integrated Artificial Intelligence, IoT devices, and digital platforms, the company offering focuses on constantly sensing, analyzing plant and communicating demands to provide real-time actionable recommendations to its farmer customers.

Sarig Duek, Phytech’s CEO, said, "We are grateful for the trust and support of THL and our existing investors as well as the vote of confidence from the growing community of global leading growers that are transforming their daily farming practices with our Plant-Demand production applications, resulting in healthier crops, improved yields, and reduced use of resources. Global agriculture is facing pressure from all directions. Farmers are seeing tightening margins, increasing water conservation demands, rising labor costs, and more. Planetary food producing capacity is challenged by climate change, topsoil erosion, water stress, and urbanization. The necessity for farmers to optimize production in meeting global food security needs and demands is clear."

The backers include the funds managed by the THL, including the THL Automation Fund LP and existing anchor investors. Post funding, THL Managing Director Josh Bresler will join as the Phytech Board of Directors team.

The company, as of now, has plans to use the new funds to support the company's growth in current as well as new geographical regions. The funding will be also leveraged for deployment of additional operational automation capabilities, notes the announcement.