Carbon Robotics, a leading player in agricultural technology, has successfully raised $70 million in a Series D funding round, bringing its total funding to an impressive $157 million. This latest round, led by venture capital firm BOND, also saw participation from notable investors including NVentures, Anthos Capital, Fuse Venture Capital, Ignition Partners, Revolution, Sozo Ventures, and Voyager Capital. The capital will primarily be directed towards enhancing the company’s autonomous LaserWeeder platform, expanding its sales and services into new international markets, and advancing product development.
The LaserWeeder utilizes cutting-edge deep-learning-based computer vision models to autonomously identify and eliminate weeds using CO2 lasers. The technology is capable of processing a staggering 4.7 million high-resolution images per hour, effectively zapping 5,000 weeds every minute. This innovation addresses a critical need in agriculture, as weed management remains one of the foremost challenges farmers face. During the recent FIRA Robotics show in California, Carbon Robotics CEO Paul Mikesell emphasized the importance of integrating advanced technologies like AI and robotics into farming practices. “There’s a lot happening in agriculture and agtech right now,” he stated, highlighting the transformative potential of these technologies.
Mikesell credited the company’s success in securing funding to the strong relationships they have built with farmers, who have provided invaluable support and feedback throughout the development of the LaserWeeder. “That kind of honest, bi-directional communication with our customers, particularly farmers, is a huge reason why we’re able to secure these kinds of funding rounds,” he noted. This commitment to customer satisfaction and field readiness sets Carbon Robotics apart in a competitive landscape where many agtech startups struggle to deliver reliable solutions.
The Series D funding comes at a time when the agricultural technology sector is grappling with a capital crunch. According to recent data from AgFunder, funding in the Farm Robotics, Mechanization, and Equipment category saw a decline of 21.1% in the first half of 2024 compared to the same period in 2023. Mikesell pointed out that the nascent nature of ag robotics contributes to this challenge, as many companies rush to market with machines that are not fully tested or field-ready. “They wind up with a machine that doesn’t really do the job that they need it to do,” he explained, underscoring the importance of quality control in product development.
With the new funding, Carbon Robotics plans to expand the availability of the LaserWeeder beyond its current markets, which include the US, Canada, the UK, parts of Europe, and Australia. While specific new regions were not disclosed, Mikesell indicated that the company is poised for global expansion. Additionally, Carbon Robotics is working on new product development that will leverage AI and robotics for agricultural applications, although details remain under wraps.
The involvement of prominent investors like NVentures, the venture arm of NVIDIA, has further bolstered Carbon Robotics’ credibility. Mikesell praised NVIDIA for their thorough understanding of the technology and their willingness to engage directly in field testing. “There’s not a lot of investors that would even have the capacity to do that due diligence,” he remarked, highlighting the importance of investor engagement in the agricultural technology sector.
As Carbon Robotics continues to innovate and expand, the implications for the agriculture industry are profound. The introduction of autonomous technologies like the LaserWeeder not only promises to enhance operational efficiency for farmers but also addresses the pressing need for sustainable farming practices in an era of increasing environmental concerns. With a focus on customer feedback and field readiness, Carbon Robotics is well-positioned to lead the charge in transforming modern agriculture through advanced technology.