Insurtech BeeHero, an insurer-investor backed data-driven technology company mitigating pollination risk to address global food security, has raised $42m in Series B funding.
The round was led by Convent Capital, with participation from General Mills, Cibus Capital (formerly ADM Capital), Rabobank, MS&AD, Firstime, J-Ventures, Plug&Play, iAngels, Gaingels, UpWest, and more.
As the global population increased, more food will need to be produced. BeeHero said that to accomplish this will require a 70% increase in the global food supply.
Already nearing the limits of available arable land, this increase in productivity must come from improved yield.
Bee Hero added that, as noted by the UN, the demands of feeding a growing global population are compounded by the increasing bee mortality rates that threaten the production of 75% of the world’s food crops, including most fruit, vegetable, seed, nut, and oil crops, that are vital for nutritional security.
BeeHero said its research into bee health and welfare and managed pollination play a pivotal role in addressing this problem.
To date, BeeHero has raised $64m. The company said round of funding will enable it to accelerate the growth and adoption of its Precision Pollination Platform.
Using advanced data analytics, artificial intelligence, and low-cost IoT sensors, BeeHero aims to bring transparency and efficiency to the complex logistics of commercial crop pollination. According to BeeHero, its Precision-Pollination-as-a-Service results in better crop yields and increased profits for commercial crop growers and agribusiness stakeholders.
The funding will also provide further investment in BeeHero’s R&D, essential for generating more data and insight into the Sustainable Agriculture Ecosystem it is building to address the issue of global food security.