Even before the coronavirus pandemic hit in 2020, the agriculture industry was dealing with a number of headwinds, from hurricanes and poor planning disrupting crop growth cycles to the impact of retaliatory tariffs slashing exports.
These issues have highlighted an immense need for investment in agriculture and specifically technology to improve the efficiency of the industry.
Last year, Deere also purchased Bear Flag Robotics, a Silicon Valley agriculture technology startup that develops autonomous farm equipment, for $250 million.
AGCO , an agricultural machinery manufacturer, has also made several investments or acquisitions in the last few years in new technology in the space.
The agriculture company in September bought Symborg, a Spanish microbiological technologies firm that makes biostimulants and biofertilizers for many kinds of crops and agriculture systems that boost results.