Investment takes to the air
Newable supports Hummingbird Technologies, a 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, has announced the completion of a £3 million fund raise, taking its total funding to over £4m. Its backers include Newable Private Investing, The European Space Agency, Sir James Dyson, and Velcourt, the UK’s largest commercial farming operation.
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 people helping Hummingbird. 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 look 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, which they won. This helped them really ground themselves as a company to keep an eye on.
Now looking to the future, Hummingbird are also working with our International Trade Advisors to develop export strategy with their Department for International Trade contacts, enabling them to continue their expansion into key markets such as Russia, Brazil and Ukraine.
“Our growth would not have been possible without Newable.”
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.