The start-up company Paul-Tech OÜ, born of several generations of research, raised 280 thousand euros in capital. The money raised is intended to expand the customer base in the Nordic countries, to offer automated fieldwork recommendations directly in the user interface, and thus to become the farmer’s most important digital assistant.
Although Paul-Tech entered the market with the service in 2019, it was preceded by a long research by CEO Grandpa Paul Plakk and father Tiit Plakk of Mikk Plakk, developing sensors that will be used as part of Paul-Tech’s service. This technology has long been used in research institutions, but the Paul-Tech product brings a scientific approach to manufacturers. It is the science-based approach that is one of Paul-Tech’s competitive advantages.
According to Paul-Tech CEO and co-founder Mikk Plakk, the foundation of food production – soil and its condition – needs special attention. “Many digital applications in agriculture are based on plant tracking. In the Paul-Tech solution, we also provide producers with an overview of the processes taking place in the soil in real time, as a result of which we can use more soil- and environmentally sustainable agricultural practices and optimally allocate limited resources, ”said Plakk.
“In the future, we will integrate both ground-based monitoring (satellite measurements, field monitoring, weather observations and models) and real-time monitoring and analysis of soil processes into a single system, automatically generating recommendations for farmers to apply best practice,” added Plakk.
Members of the Latvian venture capital company Overkill VC and the Estonian Business Angels Network EstBan participated in raising capital. “I saw an opportunity for long-term scientific work to create an opportunity for agriculture to take the wise use of data and information based on it to a new level,” added Robert Laud, who participated in the investment round.
Agritech startup, which helps farmers by monitoring the processes in the soil to use resources efficiently, ensuring maximum profitability in crop production while maintaining the environment.
Founded: in 2019
Founders: Mikk Plakk, Tiit Plakk, Eve Plakk, Anu Einberg
Turnover: turnover of 5,000 euros in 2020, 62,000 euros in 2021 and turnover forecast of 20,000 euros in 2022.
Operating soil stations: 2020 – 25 units, 110 units in 2021 (including 30 units in Finland), the forecast for 2022 is 450 units.