MyAgData Garners $2 Million from Open Praire to Drive Platform Adoption
Open Prairie has made its second investment through the Open Prairie Rural Opportunities Fund, a growth-stage private equity fund dedicated to providing capital to agribusiness companies throughout rural America. The $2 million of convertible debt financing will allow MyAgData to scale its technology infrastructure and expand its sales and marketing teams to accelerate adoption of the MyAgData platform.
MyAgData, headquartered in Effingham, IL, is an agricultural-focused data analytics company that has developed an industry-leading acreage reporting solution. The cloud-based platform, available in both standard and mobile formats, enables collection of layers of geospatial data from precision ag technologies prevalent on today’s farm equipment, simplifying the reporting process for crop insurance and USDA while also allowing for traceability of food production. MyAgData seamlessly integrates production ag data, facilitates management of the data, and transmits results to any stakeholders authorized by the producer.
“We are thrilled with the opportunity to collaborate with Open Prairie. They have a wealth of experience, knowledge and insight in agriculture,” said MyAgData CEO Deb Casurella. “This arrangement will help us position MyAgData for the explosive growth predicted for electronic reporting.”
Open Prairie Partner, Jason Wrone, commented, “MyAgData has developed a robust platform that implements efficiencies that lead to increased profitability for producers. With only 5% of acreage reporting currently being done electronically and initiatives underway to increase adoption to greater than 90% within the next five years, Open Prairie is eager to begin leveraging its network and expertise to facilitate the next phase of expansion for MyAgData.” In conjunction with the financing, Mr. Wrone will join the MyAgData Board of Directors.