Novariant draws $4M for GPS systems for agriculture
Last year’s agriculture industry boom boosted demand for Novariant’s GPS products, which can “automatically steer equipment, map terrain, and land aircraft,” the company said. Their AutoFarm division markets GPS products that more accurately and efficiently perform many farming tasks, such as spreading seed.
Novariant CEO Herb Satterlee tells VentureBeat that this round of investing will be used towards restocking their product for the spring. Satterlee claims that Novarient sold out of their product at the end of the year due to large amounts of growth in the agriculture and mining sectors. He also stated that Novariant is currently far beyond their revenue forecasts, and this investment will help them to keep up with demand.
The participants of this round of investing were all previous investors in the company, including Clearstone Ventures.
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