The Shropshire agri-robotics start-up secured pre-seed backing from the Midlands Engine Investment Fund to commercialise its crop prediction technology.
"Technologies such as AI and robotics have revolutionised manufacturing in recent years, yet agriculture has suffered from a lack of investment and still relies on traditional techniques. At a time when we face the challenge of feeding a growing population with limited land and labour supplies, it is time for agriculture to undergo the same transformation. At Earth Rover we aim to play a leading role in the digitisation of farming to make the industry more productive and sustainable."
Fuel Ventures and Ascension Ventures backed the seed round to support product development.
"The UK is a country of renters with more than £85 billion collected each year. For landlords the time spent trying to manage the monies for more than one property – from rent collection to bookkeeping – can cause headaches. I know this first hand being a landlord myself. We wanted to alleviate this by developing new tech that automates the mundane duties of managing property portfolios and provides instant insight into how well each house or flat is performing. Having this new investment allows us to pursue our vision of reducing uncertainty and providing efficiency to landlords, ultimately helping them maximise profits. These savings in both time and money can then be passed onto the tenants: a win-win for the industry."
General Atlantic has taken a 21 per cent stake in the business to support international expansion.
"It has been an incredible ride over the last eight years to get to this point, but today signals the next chapter in the Gymshark story. We are nothing without our community, so we will use this new investment partnership to get even closer to them on a truly global scale. I’m incredibly proud of what Gymshark has achieved to date from our roots in Birmingham, but it’s all about looking forward. I firmly believe Gymshark has the potential to be to the UK what Nike is to the US and Adidas is to Germany, and today is a significant step to realising that."