Market Overview

AgTech Company Bear Flag Robotics Raises $3.5 Million Seed Round Led by True Ventures

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Bear Flag's autonomous driving technology for farm tractors allows
growers to automate common tasks and improve efficiency of operations

Bear
Flag Robotics
today announced a $3.5 million seed funding round led
by True Ventures. The Silicon Valley-based agtech company is developing
autonomous technology for farms, which will help growers lower
operational costs and increase yields. As part of the raise, they have
welcomed Rohit Sharma, venture partner at True Ventures, to the board.
Including this round of funding, the company has raised $4.5 million
total since Bear Flag Co-Founders Igino Cafiero and Aubrey Donnellan
started the company in 2017.

Today's growers compete for skilled labor with the construction, mining
and trucking industries. Research
suggests
that autonomous robots can lower labor expenses and also
increase yields by up to 15 percent. Projected yield gains are possible
through the reduced soil compaction of smaller tractors. This gain
cannot be realized with today's high cost of labor.

Bear Flag Robotics' autonomous driving technology for farm tractors
solves these problems by equipping tractors and implements with
technology that allows growers to automate many of their most common
tasks. These include spraying and mowing operations in specialty crops
such as nuts, fruits and grapes in addition to common ground prep tasks
such as discing and ripping. As a result, Bear Flag enables a single
supervisor to operate a fleet of vehicles, where an entire crew was once
required.

Autonomous technology is already enabling advancements in the
manufacturing, mining and aviation industries. However, farming has yet
to leverage this technology, which will be needed to meet the 70
percent increase in global food demand by 2050
.

"We're incredibly interested in how automation and technology can
fundamentally aid the farmer in their constant struggle against the
elements including changing climate patterns and soil health," said
Sharma. "Bear Flag's autonomous driving technology for farm machines can
increase crop yields, lower operational costs and ultimately lay the
groundwork for more sustainable food production."

Bear Flag will provide leasing options to growers who wish to operate
their own fleet of autonomous equipment. Additionally, they will offer
both full-service and hybrid models, where operations are supervised by
a central location. Operations will begin by the end of 2018.

About Bear Flag Robotics

Bear Flag Robotics is developing autonomous driving and implement
control technology for agricultural tractors, freeing growers from hours
of monotonous driving and the high cost of labor to fill tractor seats.
For more on Bear Flag, follow along on Instagram @Bear_Flag_Robotics
or Twitter @BFRobotics.

About True Ventures

Founded in 2005, True Ventures is a Silicon Valley-based venture capital
firm that invests in early-stage technology startups. With more than
$1.4 billion under management, True provides seed and Series A funding
to the most talented entrepreneurs in today's fastest growing markets.
The firm maintains a strong community that supports founders and their
teams, helping True companies achieve higher levels of success and
impact. To date, True has helped more than 250 companies launch and
scale their businesses, creating over 10,000 jobs worldwide. To learn
more about True Ventures, visit www.trueventures.com.

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