Irish ag-tech company MagGrow, which specialises in precision crop protection technology, has this week completed a €6m series A funding round. The €6m investment in MagGrow was led by Astanor Ventures, a Brussels-based investment firm, along with contributions from other international investors such as WakeUp Capital.

MagGrow says it will use the significant cash injection to develop the company’s manufacturing capabilities, as well as accelerate R&D work on new products.

Led by chief executive Gary Wickham, MagGrow has developed a technology that uses magnets on the booms of sprays to reduce spray drift by up to 70% and water usage by up to 50%. With the EU targeting a sharp reduction in pesticide use over the coming decade, new precision spraying technologies will have a key role to play in helping farmers meet sustainability targets.

First established in 2013, MagGrow is a start-up company that spun-out of UCD Nova, and has raised €18m in venture capital finance to-date to develop its precision crop technology. The company now has a team of more than 30 people, with operations in the US, Canada, South Africa, Australia, Asia, and Europe.