ApisProtect, the Cork startup that uses the Internet of Things to monitor honey bee colonies, has announced the close of a €1.5m seed round of financing.
The investors include international venture capital investors Finistere Ventures and Atlantic Bridge Capital. Radicle Growth, the Yield Lab and Enterprise Ireland also participated in the funding round.
ApisProtect said it will will use the investment to accelerate international expansion, opening its first U.S. office at the Western Growers Association’s WG Center for Innovation and Technology in Salinas, California.
CEO and co-founder Dr Fiona Edwards Murphy (pictured) commented: “We look forward to building our team of AI specialists, engineers and scientists over the next three years to 25 staff, and helping to reduce honey bee losses worldwide.
"ApisProtect helps commercial beekeepers more effectively manage colonies. Honey bees play an essential role in global food production. One third of all food depends on pollinators, and there are 91 million managed beehives worldwide. The aim is to help commercial pollinators and growers to optimize pollination," she added.
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ApisProtect uses sensors and machine learning technology in the hive to deliver a 24/7 early warning system so beekeepers can give at-risk hives immediate attention and improve bee health. The company says its system monitors the health of over six million honey bees in hives across Europe and North America.
Atlantic Bridge co-led the seed round with Finistere Ventures, which made its first investment from the Ireland AgTech Fund, a partnership between Finistere Ventures and the Ireland Strategic Investment Fund.
Dr Edwards Murphy has a PhD in Electrical and Electronic Engineering and a BE from University College Cork in 2013. She participated in the college's Ignite program,e that supports graduates to turn innovative ideas into scalable businesses. The venture won the Ignite Business of the Year Award in 2016.
ApisProtect was partially funded by St. Louis-based agtech accelerator The Yield Lab in 2016.
(Pic: Clare Keogh)
