Fort Worth-based Ranchbot makes satellite-based water-monitoring technology for livestock producers. [Photo: Ranchbot]
Fort Worth-based agtech company Ranchbot, which provides remote satellite-anchored, water-monitoring technology for livestock producers, raised more than $15 million in a Series B funding round.
In conjunction with the fundraise, the company put itself under a new corporate umbrella, Ranchbot Technology Holdings Inc., and shifted its global headquarters from Australia to Fort Worth.
“This raise is an important milestone for our company and our dedicated team, who have worked for more than a decade to deliver solutions for the ranching and farming communities of the United States and Australia,” Andrew Coppin, co-founder and executive chairman of Ranchbot, said in a statement.
Ranchbot’s funding round draws six investors
Lewis & Clark Partners led the funding round, with participation from Fulcrum Global Capital, Builders VC, The Cultiv8 Livestock Technology Fund, Lever VC and Macdoch Ventures.
“After an extensive search, we believe we have brought together a group of investors whose experience and networks can materially help us grow, create better solutions and explore new paths to market as we scale in the coming years,” Coppin said. “This capital allows us to resource up and expand development across both hardware and software to do even more for our customers. Together with our investors, we are investing in the future of ranching.”
Ranchbot said it will use the infusion of capital to expand teams in the U.S. and Australia, improve existing products, develop new technology and pursue collaborations and partnerships.
“Water is one of the most critical inputs in cattle production, yet managing water infrastructure remains highly manual across much of the industry,” said Chuck Warta, operating partner at Lewis & Clark Partners. “Ranchbot has built a category-leading platform that is delivering meaningful operational value for producers, and we are excited to partner with the team as they continue building the leading water infrastructure management platform.”
Ranchbot ‘has barely begun to tap’ global market
Ranchbot has more than 12,000 customers that manage approximately 10 million cattle and 15 million sheep in North America, Australia and other global markets.
“As climate volatility, labor shortages and rising input costs reshape global agriculture, the resilience and sustainability of the food supply chain has never mattered more,” Ranchbot said.
The company said it aims to deliver “the technology layer for the modern ranch,” resulting in a single real-time view of the “assets that matter most.”
Relying on field data, the Ranchbot platform helps ranchers and farmers boost productivity and profitability, while lowering labor and fuel costs, protecting animal welfare and preserving natural resources, Ranchbot said.
“Ranchbot is turning one of ranching’s oldest, most thankless chores into a user-friendly, must-have platform with real-time satellite water monitoring that generates significant ROI for farmers in a massive global market Ranchbot has barely begun to tap,” said James Caffyn, a partner at Lever VC. “Beyond the ranch, this data unlocks real value for insurers, lenders and supply chain partners looking for better visibility into livestock and land management.”
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