Purdue Research Park-based Spensa Technologies Inc. has closed on a $2.5 million round of funding to grow its work force and boost research on its agriculture products. The startup develops precision pest management technologies for farming operations.
The funding comes from organizations and investment firms including Elevate Ventures, mTerra Ventures, VilCap Investments LLC and Foundry Investment Fund. The money comes in addition to nearly $700,000 in conditional tax credits and training grants from the Indiana Economic Development Corp. based on job creation plans. It also recently earned a $630,000 grant from the National Science Foundation and had previously secured $1.3 million in venture funding.
Spensa Chief Executive Officer Johnny Park says the company will be able to do "a tremendous amount" with the funding, including adding sales associates and furthering innovations in precision pest management.
The company was founded in 2009. Its most recent platform is called OpenScout, which is a web and mobile application designed to identify and document insects, weeds, disease and other issues for growers. The product aims to allow producers to address problems before they spread.