The Israeli irrigation company N-Drip raised $44 million in a third round of funding as is taking the agriculture industry by storm as a result. The fundraising was led by the holding company of the Principality of Liechtenstein, and among the investors were also Hamilton Lane and Natural Ventures. Shareholders who invested in the previous rounds also participated in the fundraiser, among them the Granot Group, which unites dozens of kibbutzim, Kibbutz Ein Harod, and a private group of American investors.
N-Drip was established by the former head of the Israeli Water Authority, Prof. Uri Shani, and Dr. Ariel Halperin, director of the Tene Foundation. This increases the scope of N-Drip's fundraising to 80 million dollars and according to estimates, the value of the company at the time of the fundraising was 200 million dollars.
Agritech firm N-Drip raises $44 million in Liechtenstein-led funding roundhttps://t.co/prE4gy5dTH
— Jaun News Usa (@jaunnewsusa) June 21, 2023
The agriculture sector is one of the main investment areas of the Liechtenstein investment company. Among the companies it has invested in are RiceTec, the largest hybrid rice seed company in the US and the largest in the world that is expected to use N-Drip's technology. Hamilton Lane, which is a major investor in N-Drip, is an investment company that manages over $830 billion in assets.
N-Drip’s technology is based on a pipe with a cylinder in the center, through which the water flows in the form of a ring around the cylinder and on the side of the pipe. The flow is relatively strong, which also makes it possible to remove dirt from the pipe that could clog the dripper holes. The company's system works even when the water pressure is low, saving a lot in energy costs. The company's technology allows farmers who irrigate with flooding to switch to an efficient and precise irrigation system that operates using only gravity, without the use of external energy, and without the use of pressure-based filters. N-Drip is already being used in 17 countries including India, Australia, and the US, and employs around 100 people. The new technology replaces the original drip-irrigation models for clops requiring flooding which requires a higher level of pressure, requiring the usage of mechanical pumps to ensure proper flow and water distribution throughout a field.
Johannes Meran, CEO and Managing Partner of the Liechtenstein Group said: “We look forward to assisting N-Drip in the global adoption of its irrigation technology, especially in rice crops. N-Drip's technology fits well with global rice producer RiceTec and its rice crop technology. We believe that the combination of these two technologies has the power to change the way rice is grown and substantially eliminate the negative carbon footprint of rice cultivation. RiceTec is already developing projects with N-Drip in our rice fields.”
As part of the current funding round, N-Drip and RiceTec signed a strategic cooperation agreement for the marketing of N-Drip's technologies in rice fields in the US, India, and other regions across the globe. N-Drip has been advertising jobs in the United States as part of this effort.
N-Drip is #HIRING a Field Service Representative in Parker, AZ. Offering competitive salary, career advancement opportunities & more. Facilitate the installation and maintenance of decision support system, N-Drip Connect. Apply today! https://t.co/9IqxB7WiU9 pic.twitter.com/4qCNx4wOUf
— AgHires (@AgHires) June 19, 2023
Modern drip-irrigation technology was developed in Israel by Simcha Blass and his son Yishayahu in 1960. The invention helped turn Israel into an agricultural powerhouse, and high-tech hub.
