Hummingbird Technologies – Leading Player in AI based Agritech
Hummingbird Technologies (Hummingbird), the UK’s leading drone and satellite enabled data and imagery analytics business for precision agriculture, completed a £3 million fund raise, taking its total funding to over £4m last year.
Its backers included Newable Private Investing, among others, so how did this bout of funding help the business?
Founded in 2016 by Will Wells, with tech partners including Google UK, Hummingbird is the only remote sensing business in UK agriculture to use artificial intelligence that harnesses information from drone, plane and satellite technology, combined with weather and soil data and expert plant pathology, to enable precision agriculture. With first mover advantage in the UK market, Hummingbird has already flown over 120,000 hectares and is expanding its operations into new markets.
How we helped
Whilst the investment Hummingbird has received is hugely exciting – Newable has supported them in many other areas. Hummingbird were first introduced to Newable through our innovation team, who then referred them over to our private investing team as they were in need of funding. As Alex Jevons, CMO at Hummingbird, explains ‘With a young business, one of our main worries is running out of cash’.
With the help of Newable Private Investing, Hummingbird were able to raise £1.5m in their series A round investment. In addition to this, they also received a grant through the European Space Agency with the help of Newable Private Investing, which gave them the funding to hire 10 more staff supporting Hummingbird’s expansion plans. This extra head count allowed them to augment their leading competitive advantage in AI. “A cash injection by an investor is the lifeblood of your growth, it allows you time and breathing space to get on with your job”, Jevons explains.
There are many challenges for a small business like Hummingbird to overcome. At Newable, we recognise that and looks to provide not only support and advice but also opportunities to really help a growing company cement themselves in their field. Newable nominated Hummingbird for ‘Company to watch in AI technologies 2018’ at the annual UKBAA Angel Investment Awards. This helped them really ground themselves as a company to keep an eye out for.
“Our growth would not have been possible without Newable.”
ALEX JEVONS CHIEF MARKETING OFFICER, HUMMINGBIRD Beyond Investment
Looking to the future
Since making our investment in February 2018, the company has grown its revenues threefold year-on-year, has established operations in North America and Australia and grown the core team to over 50. On the back of this impressive growth, the company is well placed to raise further growth capital and drive adoption of its products across adjacent markets.
With its leading market position, first-mover advantage and potential for international growth, Hummingbird Technologies expects to become the UK’s first £100m agri-tech business.
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