Beewise Raises Funding of $80 Million to Continue Saving Bees3 min read
In recent news, a precision robotics company based in the State of Israel, Beewise, revealed that it raised no less than $80 million in its most recent Series C funding round. The most active participant in this funding round was a private equity and global venture capital firm based in New York, namely Insight Partners. Moreover, Corner Ventures, Fortissimo Capital, Atooro Fund, Lool Ventures, Sanad Abu Dhabi, and Meitav Dash Investments Ltd also participated in this funding round. Consequently, the total funding of Beewise was reported to be more than $120 million. Due to various reasons, climate change being the most highlighted, over 30 percent of colonies of honeybees are disappearing on an annual basis.
This rate not only represents a significant risk to the food supplies across the globe but is also economically devastating to all farmers. As of now, Beewise is committed to its mission of saving bees. It further aims to optimize the process of yielding honey and pollination, with the help of robotics and AI technology. Daniel Aronovitz, the principal employed at Insight Partners, stated that the entire food supply of people across the world is being threatened due to the collapse of the honeybee population everywhere. He added that the work being done by Beewise has impressed the venture capital firm. In his words, Insight Partners has faith that the Israel-based robotics company is going to be the solution that the world needs to address all complex issues contributing to the collapse of the population of honeybees.
He went on to express joy at the fact that his venture capital firm had played an important role in the funding of a company that has a brilliant business model. He lauded Beewise for addressing one of the primary challenges being faced by the planet right now. The robotic beehive of the company, namely Beehome, is responsible for tracking any threats that arise with respect to honeybee colonies, like pesticides. Consequently, they also focus on detecting the presence of pests and then make efforts to defend against such challenges in real time. Due to the effectively developed robotics system, no human intervention is required. Moreover, Beewise further aids honeybees in flourishing and thriving by reversing the trend that has been constant in the colony collapse.
In order to fight against the adverse consequences of climate change on these insects, Beehomes have thermal regulation systems, entailing that they are resistant to floods, fires, as well as murder hornets also known as Asian Wasps. In addition, they also cater to enhanced feeding needs of the bees by using innovative techniques, especially when food supplies are limited. With the help of the Beehome device, the company has successfully saved more than 160 million bees in the last 12 months alone. It reduces the mortality of bees by at least 80%, which results in greater yields of around 50%. Consequently, approximately 90% of human labor is decreased, as compared to conventional beehives.
Beewise is currently managing over seven billion bees, a number which is equal to no less than 25,000 acres of pollinated crops.