ITK raises 10 million euros to boost its offer in the decarbonization of the agricultural sector

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Press release : ITK raises 10 million euros to boost its offer in the decarbonization of the agricultural sector

 

  • Widely respected for its technological and scientific experience –  ITK has completed a strategic funding round with StarQuest Capital and the EDF group via the EDF Pulse Holding. These new funds will strengthen ITK’s position in the smart agriculture  market globally and allow it to become a major player in the decarbonization of agriculture.
  • A boost for international development – ITK is strengthening its position in the European market and planning for other high-potential international markets.

Montpellier, le 7 décembre 2021- Montpellier, December 7, 2021- ITK, which specialises in smart solutions to develop sustainable and carbon-free agriculture, has announced that is has raised 10 million euros in funds from EDF Pulse Holding, an investment vehicle of the EDF group, Starquest Capital, its long-term shareholder, and BNP and Banque Dupuy de Parseval (Banque Populaire du Sud Group). With Aline Bsaibes at its helm since 2019, ITK designs and develops artificial intelligence solutions based on agronomical models for more efficient and carbon-friendly agriculture.

With this funding round and the launch of its agricultural insurance in 2021, ITK is boosting the development of services to prevent climate change-related crop and animal production losses and improve carbon sequestration in agricultural soils. This will strengthen its position as a major player in smart agriculture and developer of solutions for climate change mitigation and adaptation.

ITK, a major player in the sector of AI for the decarbonization of agriculture

ITK’s mission is to promote efficiency and sustainability in the agri-food sector and help preserve natural resources by using its agronomic modelling experience.  ITK stands out within the decision-aid sector by offering a digital approach that produces modular and scalable services around the world. It has pioneered the use of mechanistic modeling, i.e. the creation of animal and plant digital twins simulating real-world conditions with minimal data. The company provides forecasting services for crops (yield, irrigation and fertilisation needs) and cattle (welfare monitoring and disease prevention) which have been widely acclaimed by clients for their efficiency . The company plans to extend its support services to the management of urban revegetation in the context of smart city policies.

Creating value while staying loyal to our values

ITK solutions for a more an environmentally friendly and sustainable agriculture are regularly awarded internationally and meet7 of the European Union’s Sustainable Development Goals [1] . 

“Thanks to this new fund raising, the ITK group can accelerate its commercial development, and innovate in the creation of services for agricultural decarbonization and for the prevention of agro-climatic risks. We need to join a large, committed group like EDF to scale up. »  says Aline BSAIBES, Managing Director of ITK.

“Agriculture is the second highest CO2 emitting sector in the world. In the face of climate change, it is absolutely necessary to focus our efforts on deploying solutions like those proposed by ITK, to reduce the carbon footprint of agricultural activities. ITK’s approach and expertise make it a major player in the decarbonization of agriculture, and we are delighted to have ITK as one of our partners. “ says Guillaume Lesueur, Director of EDF Pulse Ventures *, investment responsible for the Innovation and Pulse Programs in the EDF group.

“We have been supporting ITK for 10 years, and we are delighted to continue to do so, together with EDF, because we are convinced that ITK’s unique expertise can help meet the climate challenge facing us. We are also convinced that the leading synergy of Eric Jallas, founder and scientific inspirer of ITK, and Aline Bsaibes, who skilfully leads the commercial development of ITK solutions, is a powerful guarantee of success” explains Arnaud Delattre, Chairman of Starquest Capital.

About ITK :

ITK was founded in 2003 in Montpellier (France) by Eric Jallas, Research Director at CIRAD. It specializes in agri-technology and develops services for agricultural data analysis, the agri-food value chain, and for the management of smart cities and renewable energies. ITK technology promotes agricultural performance and sustainability, simplifies the management of crops and livestock (yield and animal well being) with a special regard for environmental health. ITK is based on 3 sites: Montpellier (Occitanie), Rennes (Brittany), San Francisco (California, USA). ITK employs 100 talents.

More information: https://www.itk.fr/

About Starquest Capital

For the past 15 years, Starquest Capital has been putting capital to work for the common good, without compromising financial performance objectives. Starquest’s action has focused on financing the energy transition (renewable energies, recovery of lost energy, energy savings), the rational use of resources (circular economy, waste recovery, processes that save on inputs and consumables, extension of product lifespan), and the fight against digital nuisance, considered as pollution (hacking, counterfeiting, hate on social networks).

Starquest will manage €250 million of assets in 2022, deployed on this investment thesis with a very high environmental and societal impact.ITK has been part of Starquest’s portfolio since 2011, and the line is now part of the Starquest Puissance 5 secondary fund, endowed with nearly €50M, whose ambition is to finance series B on 5 of the best lines of Starquest’s historical portfolio.

More information: http://www.starquest-capital.com/

About EDF

As a major player in energy transition, the EDF Group is an integrated energy company active in all businesses: generation, transmission, distribution, energy trading, energy sales and energy services. EDF group is a world leader in low-carbon energy, having developed a diverse production mix based mainly on nuclear and renewable energy (including hydropower). It is also investing in new technologies to support energy transition. EDF’s raison d’être is to build a net zero energy future with electricity and innovative solutions and services, to help save the planet and drive well-being and economic development.

The Group is involved in supplying energy and services to approximately 37.9 million customers (1), of whom 28.7 million in France (2). It generated consolidated sales of €69.0 billion in 2020. EDF is listed on the Paris Stock Exchange. (1) Since 2018, customers are counted per delivery site. A customer can have two delivery points: one for electricity and another one for gas. (2) Including ÉS (Électricité de Strasbourg).

Contact:

Marie-Laure BISCAYE
Responsable communication ITK
06.12.708.744
marie-laure.biscaye@itk.fr

 

[1] https://www.un.org/sustainabledevelopment/fr/objectifs-de-developpement-durable/