Toyota Ventures Invests in Agtonomy for Autonomous Tractors

Agtonomy's Journey from Farm Roots to Autonomous Farming

Tim Bucher, co-founder and CEO of Agtonomy, grew up on a farm and actively managed his own agricultural business. His path shifted when a computer course at UC Davis sparked a keen interest in technology.

This unique blend of agricultural experience and technological aptitude led to the creation of Agtonomy. The company provides a hybrid autonomy and tele-assist service.

Transforming Equipment with Autonomous Technology

Agtonomy focuses on converting existing tractors and farm equipment into autonomous machines. This offers a cost-effective, technology-driven labor solution for local farms needing equipment management.

The startup emerged from stealth mode last September, securing $4 million in seed funding. Initial investors included Grit Ventures, GV, and Village Global.

Securing Additional Funding for Accelerated Growth

Grit and GV reinvested in Agtonomy, participating in a $5 million seed extension round. This round also attracted Toyota Ventures, Flybridge, Hampton VC, E²JDJ, and Momenta Ventures.

This latest investment brings Agtonomy’s total funding to $9 million.

Although recently funded, Bucher recognized the growing interest in agtech and decided to pursue additional capital.

The Rising Tide of Agtech Investment

He observed that agtech was projected to be a leading investment area in 2022 and beyond. This outlook prompted the decision to accelerate growth through further funding.

“Securing investment in agtech was challenging five years ago,” Bucher noted. “However, investor interest has been overwhelming, and local agriculture requires immediate assistance.”

The new funding will expedite trials, expand partnerships, and bolster the company’s team.

Scaling Operations and Team Expansion

Bucher anticipates initiating 50 trials and doubling the company’s current headcount of 20 employees in the coming months.

Agtonomy’s service is designed for simplicity, likened to requesting a ride through a mobile app like Uber.

Farmers can assign tasks, such as field mowing, to autonomous tractors via a mobile phone application.

Addressing Labor Shortages with Automation

Bucher believes that self-driving technology, including advancements by companies like John Deere, will help mitigate the long-standing labor shortages impacting farms globally.

The company currently operates a small fleet of electric “proof of concept” vehicles at Bucher’s Trattore Farms, where they handle nearly all farm work.

Commercial Launch and Market Approach

A commercial launch is planned for 2023, initially focusing on a few hundred tractors.

Approximately 300,000 tractors are sold annually, with major manufacturers like John Deere primarily targeting large-scale farms.

Agtonomy’s autonomous vehicles will be priced around $50,000.

Cost-Effective and Sustainable Farming Solutions

Bucher believes this affordability will encourage larger farms to adopt a fleet of smaller machines. These machines can operate continuously, are more environmentally friendly, and minimize soil disruption.

He differentiates Agtonomy’s approach, characterizing it as “necessity technology” compared to the “convenience technologies” prevalent in other autonomous vehicle sectors.

A Convergence of Factors Driving Agtech Innovation

“A confluence of factors – consumer demand, climate change, electrification, and the farming labor shortage – creates a perfect storm,” Bucher explained.

“We can address these challenges more rapidly in agtech than in other areas of autonomous technology. Ultimately, our work ensures a reliable food supply for everyone.”

Note: An update on January 18th at 9:05 a.m. clarifies that Toyota Ventures did not lead the funding round.