Indoor vertical farming is on the rise, if a recent funding round for San Francisco startup Plenty is any indication. The company just scored what they say is the largest agriculture technology investment in history. Plenty has attracted attention – and quite a lot of money – from well-known tech greats like Amazon CEO Jeff Bezos and Alphabet Executive Chairman Eric Schmidt.
Plenty is utilizing technology to improve agriculture. The startup draws on big data processing, micro-sensor technology, and LED lighting in an effort to make affordable, local food available for people around the world. Their system uses less water and space than conventional farms, and grows food more efficiently. Plenty says they can yield as much as 350 times more crops per square foot than a typical farm. Their recent Series B funding round, led by Japanese media corporation SoftBank‘s Vision Fund, turned out to be quite fruitful at $200 million.
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SoftBank CEO Masayoshi Son said in a statement, “By combining technology with optimal agriculture methods, Plenty is working to make ultra-fresh, nutrient-rich food accessible to everyone in an always-local way that minimizes wastage from transport. We believe that Plenty’s team will remake the current food system to improve people’s quality of life.”
Plenty will use the $200 million to start expanding, and plan to bring their first produce to market later this year. They plan to grow two to five acre indoor farms, which the BBC said is around the size of a Walmart or Home Depot. The company already employs 100 people working in three facilities in Wyoming and San Francisco.
Initially, Plenty will provide mainly leafy greens and herbs for distributors that have already signed on, according to co-founder and CEO Matt Barnard. He said in a statement, “The world is out of land in the places it’s most economical to grow these crops. After a decade of development driven by one of our founders, our technology is uniquely capable of growing super clean food with no pesticides nor GMOs while cutting water consumption by 99 percent…We’re now ready to build out our farm network and serve communities around the globe.”
Images via Plenty Facebook