Iowa City-based agtech company Rantizo announced today it has raised $7.5 million in Series A funding led by Leaps by Bayer and several agtech investors and strategic partners including Fall Line Capital, Innova Memphis, Lewis & Clark Ventures, KZValve, and Sukup Manufacturing. Additional participants in the round include ISA Ventures, AgVentures Alliance and other angels, which brings Rantizo’s total funding raised to date to nearly $9 million.
Founded in 2018, Rantizo has developed a platform that integrates with imagery companies to identify issues and deliver precise in-field applications with autonomous drones.
In July of 2019, Rantizo received initial FAA approval for single drone spraying operations becoming the first and only company approved for drone spraying in the state of Iowa. Less than a year later, the company became the first to gain approval for nationwide swarming for agricultural spraying, flying up to three drones at once.
Farmers can request Rantizo drone application services such as precise spraying and cover crop broadcasting. To fulfill those requests, a nationwide network of Rantizo Application Services Contractors are provided with a turnkey system in which they purchase drone equipment through Rantizo and gain all licensing, training, and certifications necessary to legally begin drone spraying operations.
Michael Ott, CEO of Rantizo, speaks with Eric Engelmann about raising venture capital in Iowa during a 1MC Cedar Rapids Fireside Chat.
Currently, Rantizo service providers are primarily focused in the Midwest and can be found from the west coast to as far east as Pennsylvania. Expanding Rantizo’s contractor network into additional geographies is a key purpose for the funding round according to CEO, Michael Ott who stated that the 2020 season saw a drastic uptick in business.
“This year, Rantizo received requests from growers and individuals all over the country looking for drone application services,” said Ott. “We did our best to fulfill those and realize that we need to continue to expand our network. We want to make sure we have Rantizo Application Services providers in place to keep up with demand. Securing this funding is a crucial piece of that strategy.”
Beyond Rantizo’s contractor expansion, Ott says that the raised funds will be used to bring on additional team members needed to ramp up technology development for projects related to crop pollination, data management, and automation of the entire drone application process.
Rantizo receives FAA approval to operate drone swarms -July 7, 2020
Rantizo is using drone technology to sanitize stadiums -April 28, 2020
Rantizo partners with Sony on agtech collaboration -March 25, 2020