Thursday September 7, 2017 0 comments
DENVER -- SWIIM System, Ltd. announced it recently closed a $4.5 million Series B round designed to support its current growth trajectory.
The round was led by current investors, alongside private equity investor Costa Asset Management (CAM), co-founder of Australia’s largest grower and marketer of fresh fruit and vegetables.
The transaction includes a financing facility in the form of a revolving line of credit, which allows the company to more easily acquire equipment needed for in-field data acquisition.
SWIIM said it continues to expand its presence throughout the western United States. Recently ranked as one of the top 25 ag-tech companies of 2017 by Forbes, SWIIM recently renewed its long-term development agreement with Western Growers Association -- a leading producer-centric trade organization representing fresh produce industry companies in California, Arizona, Colorado and New Mexico.
SWIIM is an agricultural water management and auditing platform designed over a five-year period with the help of the U.S. Department of Agriculture and regional land-grant universities in a ground-breaking partnership of state grant monies, alongside progressive, private investment.
CAM’s chairman, Robert Costa, joins SWIIM’s board of directors, alongside a key executive from Western Growers Association, to add additional agricultural industry expertise.
For decades, Costa managed Australia’s largest produce company’s asset base, leading the company towards liquidity through an initial public offering in 2016.
“The growers of the western U.S. are now confronted with a water challenge, the likes of which are endemic to Australia but have not been witnessed in this country before,” said Costa.
“I am very excited to be part of SWIIM, furnishing the tools that growers need to chart their course in this new future of water in agriculture.”
“It has been an absolute pleasure working with the team at Costa Asset Management,” said Ed Warner, SWIIM chairman. “Rob’s long run in agriculture and managing scarce water resources in Australia brings us several areas of insight applicable to the U.S.”
“We are proud to include Rob as a trusted advisor and member of the board of directors as SWIIM continues to mature its execution strategy,” said Kevin France, SWIIM CEO.
“SWIIM includes a planning toolset designed to help direct strategies for the utilization of limited agricultural water supplies around their highest and best use – something our Australian colleagues understand painfully well, having had to re-design their entire water appropriation system.”
SWIIM said it provides a seamless method to plan, manage, monitor and report upon all sources of agricultural water -- fresh, reclaimed and blended surface water, as well as groundwater.
It provides detailed, stand-alone delivery reports as well as comprehensive water balance reports that combine measurements of inflow and runoff with state-of-the-art consumption estimates on a daily basis, using a unique combination of in-field equipment and regional remotely sensed data, integrated into an easy-to-use tool designed to provide actionable data at all levels, the company said.