Myriad Mobile announced today it has raised $1.5 million in a Pre-Series A funding round to launch a new ag-tech product for the grain industry. With this investment, Myriad has raised a total of $2.3 million, having previously raised $800,000 in seed funding. This round also brings together strategic partners in the agriculture and technology sectors who share Myriad’s vision and market opportunity for their new product and expertise in the space.
Gen7 Investments, the investment arm of ag media giant Forum Communications, is the lead investor on the round–joined by tech savvy and Sioux Falls-based, Falls Angel Fund; international agribusiness entrepreneur-led, HA Dahl Family LLLP; independent and Fargo-based, Thoreson Steffes Trust Company and global livestock production software company, MetaFarms. The investment will be used to build-out Myriad’s market strategy, for new product development and expansion of its ag-tech team.
“Myriad has a driven and intuitive team, with strong roots in agriculture,” said Bill Marcil, Jr., President, CEO and Publisher of Forum Communications, Agweek and Gen7 Investments. “They have identified a real need in the ag space and have done the hard work to fill it. We’re excited to give them the boost they need to leverage this new technology for the grain industry and bring it to market.”
Founded in 2011 as a mobile app developer, Myriad has experienced significant growth having deployed more than 350 apps, with the majority of those associated with agriculture and expanded into other areas of software design, platform development and consulting.
“This new product brings a capability that hasn’t existed in the grain industry,” added Jake Joraanstad, Myriad Mobile’s CEO and co-founder. “Our resident ‘farm kids’ want to develop and deploy technologies and solutions to keep the industry thriving and farmers farming.”
In 2016, the Myriad was recognized as a top app developer in the Minneapolis region by Clutch.co.; and was named to the Inc. 5000 List of America’s fastest growing companies. “As we’ve explored product development and piloted the technology, the response has been overwhelming. We needed additional resources to build out our product and team to serve the ag market. It’s really taken off,” added Joraanstad.
Myriad will launch its new product for the grain industry later this month, as the investment will also help build-out technology infrastructure as well as marketing and promotion. “What we’ve found is what we’re doing is really unique,” said Joraanstad. “We’ve seen our work make a positive impact for our clients–saving them time and money–and most importantly strengthening their relationship with their customers.”
The company of more than 40 mobile engineers, designers, architects, and business consultants has strategized, designed and deployed more than 350 technology projects for notable national brands American Express, US Bank and ag giants–Cargill, Bobcat, John Deere and Monsanto.
“We believe those who take a technology-first approach in their business strategy will win,”added Joraanstad. “This group of investors share that vision and the opportunity for exponential technologies to impact the ag market in a big way.”
View full release here.