Raven Industries, Inc. has taken majority ownership in autonomous farming platform DOT Technology Corp, the company says.
The funds garnered in the sale will be used to “support the continued commercialization and evolution of the Dot Power Platform and Dot Ready Implements.”
Raven and Dot began working together in May 2018, when it was announced that the Dot Platform would be outfitted with Raven technology, including steering, guidance, and propulsion technology.
“As a company, we launched the Dot Platform to change farming. Raven has been a critical partner in helping to get Dot to where we are today,” says Norbert Beaujot, founder of DOT Technology Corp and SeedMaster Manufacturing Ltd.
“I think we’re in a good position for Dot. We’re kind of in a pull position for broadacre autonomous robotic farming,” says Dot Technology Corp CEO Rob Saik. “We want to scale that. We want farmers to take the platform and do amazing things with it. To do that, we’re going to have to scale on all sorts of fronts.”
Saik adds that in order for Dot to reach the next level, the company needs the financial and technological backing that Raven Industries, Inc. can provide. (Story continues below interview)
With this agreement, Dot will “further capitalize on its position as a leader in the autonomous agriculture sector, providing farmers a real way to address labour shortages, high equipment cost, and rising operational expenses,” the company says.
Financial details were not disclosed. The transaction is expected to close in November, 2019.