Israel’s AutoAgronom LTD, which manufactures irrigation and fertilization systems, was selected in the top 26 out of 1650 companies that were originally considered for the MassChallege 2014. Competing firms are considered likely to change the industry within which they operate.
It was one of 10 Israeli companies to be included in the 128 finalists this year and only one of the Israeli competitors to make the final cut. All but two of the other 25 finalists came from the U.S.
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Every year the MassChallenge selects new companies to participate in its four-month accelerator program, which provides entrepreneurs access to expert mentors, marketing and media resources, funding opportunities and free office space in Boston. The best performing companies can win up to $1 million.
The funding is not an investment, but a grant. The money comes from MassChallenge’s sponsor companies such as, Oracle, Verizon, Microsoft as well as the State of Massachusetts. The winning companies can use the funds as they see fit.
AutoAgronom boasts that it “listens” to the growth of the roots and takes fertigation decisions. The company also states that its technology saves up to 50% of water, up to 70% of fertilizer and increases the yield by up to 15%.
Founded in 1988, Auto Agronom Israel Ltd is a major player in the world of smart irrigation systems. Its products are currently used in 13 countries and the company asserts that it is an expert in improving efficiencies of water and fertilizer usage for environmental protection.
MassChallenge Founder and President Akhil Nigam said in a statement, “These top 26 startups are poised to make a tremendous impact across a variety of industries — from healthcare to education to clean technology. While the final judges will have a difficult task ahead of them, we can all agree that each of these startups has great potential.”
The winners will be announced at a ceremony which will take place at the Boston Convention and Exhibition Center on October 29th at 5 P.M. It will be attended by Massachusetts Governor Deval Patrick as well as the CEO of Uber, Travis Kalanick.
AutoAgronom was acquired just last month by the Chinese Shenyang Yuanda Enterprise Group (Yuanda) for $20 million.