The Finnish agritech startup estimates that the solutions market potential is annually over €1 billion at global scale.
Oulu-based agritech startup GrainSense announced today that they have secured €1.4 million in funding topped off with a development loan from Tekes. The company has developed the world’s first truly hand-held device for grain protein measurement, which helps the farmers, seed producers and plant breeders in the industry to engage in new operating practices for controlling the quality, cost and pricing of their produce.
“With our unique concept, we will empower farmers to produce more crops of higher quality, while adding transparency to the overall grain business. We are excited about having the potential to affect the lives and wellbeing of millions of people,” says Edvard Krogius, the CEO of GrainSense. The solution helps users to measure the key parameters of their crops rapidly and make decisions that improve profitability.
GrainSense will launch its offering in 2016 and begin marketing, sales and product development cooperation with one of its investors, Berner Ltd, in the Nordic and Baltic countries. The company is a spin-off of VTT Technical Research Centre of Finland, and other investors of the company include VTT Ventures and three Nordic private investors with agricultural background.
The market potential of the solution has estimated to be annually in EU worth €500 million and over €1 billion worldwide.