Smart Apply, an Indianapolis-based agtech business that invented a precision sprayer for orchards and vines has raised more than $3 million in its seed round. Serra Ventures was the lead investor in this round.
Smart Apply claims that its technique eliminates chemical drift and lowers input costs.
The cash will be used to accelerate growth by expanding manufacturing capacity and boosting sales and marketing teams. It plans to launch its product in time for the 2023 growing season.
The company claims to have raised $1.3 million in May but has kept the round open. Smart Apply then raised another $1.8 million in funding, including investments from VisionTech Angels of Indianapolis, Frontier Angels, and Serra Ventures of Illinois.
Smart Apply claims that its sophisticated spray control system cuts chemical use by half. LiDAR (laser) technology is used to pinpoint where the farmer sprays the crop.
With agricultural chemical costs rising, Smart Apply Chief Executive Officer Jerry Johnson believes fruit, nut, and grape producers will see a return on investment.