ITK, a Montpellier-based agtech firm, has secured €10 million in funding in a round led by EDF Pulse Holding, the investment arm of French energy company EDF. The round also included participation from ITK's historical shareholder Starquest Capital, as well as BNP and Banque Dupuy de Parseval of Groupe Banque Populaire du Sud.
ITK, founded in 2003 by Eric Jallas and led since 2019 by Aline Bsaibes, employs 100 people across Montpellier, Rennes, and San Francisco. The company designs and develops agronomic modeling and artificial intelligence solutions, providing agricultural operators with predictive services to improve crop yields, water and input savings, bovine well-being monitoring, and disease prevention.
The funding will enable ITK to strengthen its position in the global market by accelerating its commercial development and continuing to innovate in the decarbonization of agriculture and the prevention of agro-climatic risks.
EDF Pulse Holding's investment in ITK is part of a wider strategy to support the energy transition by investing in innovative startups. The company has invested in a number of startups focused on renewable energy, energy storage, and smart grids.
Starquest Capital, which has been a shareholder in ITK since 2015, is a venture capital firm that invests in innovative tech startups in France and Western Europe. BNP and Banque Dupuy de Parseval are both well-established banks in France with a strong presence in the south of the country.
Overall, this funding round represents a significant milestone for ITK and the wider agtech sector, highlighting the growing demand for sustainable and innovative solutions in agriculture and the increasing role of technology in the industry.