Field of dreams? Copenhagen-based carbon farming agtech Agreena has bought Hummingbird Technologies for an undisclosed amount.
Agreena says the deal puts financial and commercial resources into the development of Hummingbird’s MRV (monitoring, reporting & verification) technology, which is used for soil carbon certificates.
London-based Hummingbird is an artificial intelligence (AI) SaaS platform – and it uses deep learning and computer vision techniques along with proprietary algorithms to provide intelligence to farmers and agri-businesses in the growing season.
The UK agritech/agtech company, which began operating in 2016, analyses remote sensing data to help farmers identify early problems in their crops such as crop health, disease risk & detection, weed mapping and yield prediction.
According to Agreena, it has worked with Hummingbird for “years”. It says the purchase will result in a company with more than 80 combined employees.
Agreena was founded in 2018 and originated as an online commodity trading marketplace.
The Danish firm has been operating its soil carbon program in 13 countries throughout the pan-European market, and it reckons the new acquisition will build its operational capacity in the Americas and Australia.
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Hummingbird’s founder Will Wells will join Agreena as an advisor.
Agreena says the two companies’ technology capabilities will be merged and it will bring Hummingbird’s AI-based verification in-house.
The two organisations will continue being led with their teams operating fully intact from Copenhagen and London.
Prior to the acquisition, Hummingbird hadn’t been very active with the news announcements.
In July 2021, Hummingbird partnered with Commoditrader, a Danish creator of a certified agricultural carbon credit scheme.
Agreena, on the other hand, has been busier. This year it’s revealed partnerships with purchasing and crop marketing co-operative Fram Farmers and agricultural group Danish Agro.
In February, Agreena raised a €20 million (£17 million) Series A round to enhance its regenerative farming carbon certificates with a new classification system and carbon farming marketplace.
