Novariant Inc., a Fremont, Calif., startup that makes technology to help farmers automate more of their equipment, has raised $40 million in a Series D round that brings the total raised to date to $73.7 million. The company says it is experiencing strong demand for its products with sales so far this year up almost 75% over 2007.
Investor Growth Capital led the latest funding, with new investors Sierra Ventures and Ridgewood Capital, along with existing investors Argonaut Private Equity, Clearstone Venture Partners, Pacifica Fund, Kirlan Venture Capital and Yasuda Enterprise also participating.
Novariant, which plans to use the latest cash to develop new products and expand internationally, said rising agriculatural costs have left farmers searching for ways to improve productivity and efficiency. The company has developed a patented hands-free steering system that uses GPS technology. -- Andrea Orr.
See Oct. 31 announcement on latest funding from Novariant
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