Irreo, a Rome, Italy-based software company for precision agriculture, raised €700K in funding.
Primo Space, a fund managed by Primo Ventures SGR, made the investment.
The company intends to use the funds to continue to expand operations and its development efforts.
Founded by Andrea Pomente and Luca Calacci, Irreo estimates water requirements for different types of crops, based on the phenological stage, soil composition and climatic conditions. The company analyzes over 1.5 terabytes of satellite data every day, reducing crop water stress and water waste by 30% and increasing yields by 10%.
Primo Space invests in satellite data applications for forecasting irrigation needs, commodity prices and climate risk. Primo Ventures is an asset management company specialized in early stage technological venture capital in the digital and space sector. The firm currently manages the funds: Barcamper Ventures, Barcamper Ventures Lazio, in partnership with the Lazio Region, and Primo Digital in the digital sector and Primo Space Fund in the new space economy sector.