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Colorado and Israel, Oct. 31, 2019 (GLOBE NEWSWIRE) -- The Israel - Colorado Innovation Fund, a seed-stage venture fund that invests in Israel’s promising start-up companies, announced today the closing of a $2.35 million seed round in Israel-based startup company, Viridix. The Israel - Colorado Innovation Fund led the round and was joined by both current and new investors of the company. Viridix has developed a groundbreaking sensor together with a software platform that enables famers to increase crop yields and save water through precise measurement and actionable insights.
“Viridix brings a unique technology with a solid team of visionary entrepreneurs. The solution has been very well received in the Israeli, European and Asian markets and we can help accelerate its growth into the US market.” said Gili Elkin, Israel - Colorado Innovation Fund General Partner. “We are very excited to partner with Viridix and help solve two of the world’s most critical problems around food production and water conservation.”
According to a paper funded by the US Dept of Agriculture, using soil moisture sensors to drive irrigation schedules can result in crop yield increases of 11-26%. Viridix’s solution provides not only the ability to measure the soil moisture content, but also the insight into how to best irrigate the crops for optimal crop yield.
“We are excited about partnering with the Israel – Colorado Innovation Fund which will allow our company to expand our solution to the US market. We have a clear target to become the leading global autonomous irrigation system and partnering with the leading irrigation companies to create it. With such strong backers, our journey towards achieving this goal will gain serious momentum” said Tal Maor, CEO of Viridix.
As the world’s population and the need for water conservation increases, the requirement for solutions such as the one provided by Viridix becomes essential. Now farmers will have insights into a better way to determine how much water to apply to their crops and when to do so.
Innosphere is a general partner with the Israel - Colorado Innovation Fund and has worked closely with international companies supporting them with customized growth packages. This assistance is focused on areas necessary to commercialize the product or service in the United States.
Tim Jones Israel – Colorado Innovation Fund (ICI Fund) 970.221.1301