Resson Aerospace Lands $14M Deal To Scale-up
Resson, a fast-growing data-driven agriculture technology company, today announced that McCain Foods Limited is now a strategic partner and is part of a US$11 million (about CDN$14 million) Series B investment round in the company.
Other investors in Resson’s Series B round include Build Ventures, Rho Canada Ventures, New Brunswick Innovation Foundation, BDC Capital and East Valley Ventures.
"As one of Resson's first investors, we are excited about what this tremendous investment will do to scale the company here, in New Brunswick," says NBIF CEO Calvin Milbury, "even though our first priority is to get startups off the ground, once they've got revenues, our growth strategy is to help founders find the venture capital and corporate investments they need to go global."
The New Brunswick, Canada-based Resson helps large and small agriculture companies and agricultural service providers boost productivity and profits with near real-time predictive analysis for crop management.
“Having one of the largest names in the global agriculture business back our vision for Resson is a clear indication that the company is on the right track in this multi-trillion dollar industry,” said Jeff Grammer, Resson Executive Chairman and Partner at Rho Canada Ventures. “With this investment and the hands-on support from agriculture partners focused on data solutions, we are well positioned for future success.”
The company’s Resson Agricultural Management and Analytics System (RAMAS®) integrates large-scale cloud-based data analytics with sensor fusion and robotic platforms to provide agricultural producers with an unequalled view of crop production and field conditions.
“We have worked with Resson from the earliest days of the company and have seen the tremendous potential to improve our operations by using their predictive analytics technology,” said Dirk Van de Put, McCain President and CEO. “We continue to work with Resson towards the implementation of their breakthrough technology and are excited by the prospects it brings to the community of potato professionals.”
“McCain has deep roots in New Brunswick and we have a long history of partnering with local businesses, including Fiddlehead Technology in Moncton, and the non-profit organization Enactus Canada to create social businesses in the region. In addition, we are committed to strengthening economic activity in the Florenceville area which was evidenced in 2015 when we announced our partnership with IBM to establish a technology service centre there to serve McCain and a number of other Canadian companies.”
The Series B funding will allow Resson to expand its product development and sales and marketing efforts. The company will maintain its head office and an expanded technical development team in Fredericton while also adding a business office in San Jose, California.
In the Globe & Mail: