Paul-Tech, an Estonian startup specialising in precision agriculture, has raised €1.4 million in a seed round; the funds will be used to expand into the UK market and advance the product offering.
“This investment enables us to continue our technology development and provide accurate and reliable solutions to farmers across Europe,” Mikk Plakk, the CEO and a co-founder of Paul-Tech, said in a statement.
The round was led by Estonian fund Superangel, with participation from SmartCap, Honey Badger Capital, the Estonian Business Angels Network, Tatoli AS, Overkill VC and business angels from Sweden.
Paul-Tech said its agricultural platform “combines proprietary sensors, born out of multiple generations of research, with data analytics, allowing farmers to engage in more efficient management practices”. “Unlike traditional precision farming methods that rely solely on optical data, Paul-Tech’s technology evaluates the effectiveness of fertilizers in the soil and provides farmers with insights on when they are running low or need to be replenished,” the startup said in a statement.
“Our unique soil-based approach provides recommendations based on real-time soil data from the customer’s fields, weather and satellite data, as well as agronomic knowledge. As a result, farmers are able to increase crop yield whilst reducing its ecological footprint,” Plakk said.
The company said its platform is already used by over 100 farmers from Estonia, Finland, Sweden and the UK.
Paul-Tech was founded in 2019 by Mikk Plakk, Tiit Plakk, Eve Plakk and Anu Einberg.