Having recently raised $3 million in funding, TellusLabs is aiming to establish itself as a leader in predicting crop production by using a mixture of satellite imagery, weather data, artificial intelligence—as well as the knowledge and intuition of the company’s staff, TechCrunch reports.
The Boston-based startup already has accrued a track record of success in agricultural forecasting, with the company noting it was able to consistently predict the USDA’s final 2016 corn and soy yield reports in advance of public in-season forecasts.
For Tellabs, the secret sauce of successful geospatial analysis involves the use of machine learning to analyze satellite images. These images can yield critical data, ranging from estimates of disaster damage, to potential productivity of oilfields, to yields for staple crops.
In the agricultural market, this data can drive major swings in agricultural futures markets. Any investor who gets ahead of the news stands to generate a fortune.
In addition to machine learning, another element of Tellabs strategy involves adding the human touch to its AI tech.
“We think we know something about plant biology, about how corn and soy grows, so why ignore that” said TellusLabs CEO David Potere in an interview with TechCrunch.
The company raised the funding in the form of seed capital provided by a group of investors including IA Ventures, Hyperplane VC, Founder Collective, and Project 11 Ventures.
Tyler Schulze is vice president, strategy & development at Veritone. He serves as general manager for developer partnerships, cognitive engine ecosystem, and media ingestion for the Veritone Artificial Intelligence Platform™ (VAIP). Learn more about our platform and join the Veritone developer ecosystem today.