Resson secures $14M Series C with Mahindra & Mahindra as strategic investor

Resson Aerospace Corporation has completed a $14 million Series C round of financing. Mahindra & Mahindra joins existing strategic partners McCain Foods and Monsanto Growth Ventures as well as existing investors Build Ventures, Rho Canada, BDC Capital, East Valley Ventures and the New Brunswick Innovation Foundation.

Resson previously closed a US $11 million Series B funding round in June 2016.

Mahindra & Mahindra is the latest company to join Resson as a strategic partner. India based Mahindra & Mahindra is the world’s largest selling tractor company by volume, and the company boasts over 500 dealerships in North America.

Fredericton, New Brunswick based Resson is a predictive analytics company that uses large-scale data analytics and natural learning to help major agricultural producers create efficiencies to maximize production and profit margins.

Using cameras mounted on tractors or drones, the Resson Agricultural Management and Analytics System (RAMAS®) provides a dashboard view that delivers insights that help better manage yields, crop inputs, and agronomy decisions.

“Agriculture is an increasingly technology-intensive business, and Resson’s precision farming solutions will help growers get more yield from every acre,” said Rajesh Jejurikar, President, Farm Equipment Sector, Mahindra & Mahindra. “We are delighted to join McCain Foods Limited and Monsanto Growth Ventures as a strategic partner of Resson.”

Resson is actively working in partnership with McCain Foods and its team of agronomists to test and advance its technology in real life commercial potato farming environments. McCain Foods was Resson’s first customer and has been a hands-on strategic partner to the company from its earliest days. “McCain has a proud history of advancing agricultural practices in potato growing and we remain committed to this approach. Our desire for continual improvement fuels our ongoing drive to partner with leading-edge technology companies such as Resson, to create breakthrough innovation in agricultural technologies and set new standards for efficient crop production,” said Max Koeune, President and CEO of McCain Foods Limited.

“Our strategic partners have been critical to the development of our technology and our rapid growth over the last two years,” said Jeff Grammer, CEO of Resson. “With the addition of Mahindra & Mahindra, we will expand our understanding of predictive analytics to maximize yields and profits for growers.”

photo credit: sbj04769 via pixabay

Ted Liu

Ted Liu, M.Sc. (Mining, Queen's), MBA (Finance, Toronto), is the Editor of Private Capital Journal, CanadaMetals.ca, TechWire.ca, and the former Editor of Canadian Private Equity. Ted has been passionately tracking Canadian private capital industry since 1992, having most recently served as Research Director for The Canadian Venture Capital and Private Equity Association (CVCA).

Ted is the architect of CVCA infobase, and is the architect of CPE Media's Financings.ca, Canada's most sophisticated and advanced all private capital and public market financing database.