PLENTY, an indoor farming company that has revolutionized the global food system, has announced that it has successfully raised $200 million in a round of Series B funding. The funding round was headed by SoftBank Vision Fund, making it the largest investment in the history of agriculture technology. Softbank Vision Fund’s managing director, Jeffrey Housenbold, will join the board of directors at PLENTY.
PLENTY uses patented technologies to develop a one-of-a-kind indoor farm, using LED based lighting, micro sensors, and big data processing to give high quality produce for a cost which will be good or may be even better compared to what customers pay today.
The idea behind the indoor farm is an outcome of a lack of adequate farming to produce fresh vegetables and fruits. The investment in PLENTY will allow them to expedite the indoor farm concept globally and help to create fresh vegetables at affordable prices.
Speaking about PLENTY, SoftBank Group Chairman & CEO Masayoshi Son stated that PLENTY is working to make ultra-fresh and nutrition rich food accessible to everyone, by creating a fusion of technology and proven cultivation methods. He further stated that they believe in PLENTY’s vision to “remake the current food system” to give a better life to people.
Matt Barnard, CEO and Co-Founder of PLENTY said the world is devoid of agricultural land for growing good quality and economical produce. With their technology, PLENTY has the capacity to generate authentic and high quality organic food.
The Series B funding was led by SoftBank Vision with participation from Moore Capital Management, Innovation Endeavors, Bezos Expeditions, DCM, Data Collective, and Finstere.
Anirudh M. for TechFunnel.com