Resson Earns $US 11 Million In Series B Funding From Investors Including Strategic Partner McCain Foods

—Fast Growing AgTech Company Takes Big Data To The Farm; Will Remain Based In New Brunswick; Adds San Jose Office—

FREDERICTON, June 22, 2016 /CNW/ - Resson, a fast-growing data-driven agriculture technology company, today announced that McCain Foods Limited is now a strategic partner and is part of a $US 11 million (about $CDN 14 million) Series B investment round in the company.

Other investors in Resson's Series B round include Build Ventures, Rho Canada Ventures, New Brunswick Innovation Foundation, BDC Capital and East Valley Ventures.

The New Brunswick, Canada-based Resson helps large and small agriculture companies and agricultural service providers boost productivity and profits with near real-time predictive analysis for crop management.

"Having one of the largest names in the global agriculture business back our vision for Resson is a clear indication that the company is on the right track in this multi-trillion dollar industry," said Jeff Grammer, Resson Executive Chairman and Partner at Rho Canada Ventures. "With this investment and the hands-on support from agriculture partners focused on data solutions, we are well positioned for future success."

The company's Resson Agricultural Management and Analytics System (RAMAS®) integrates large-scale cloud-based data analytics with sensor fusion and robotic platforms to provide agricultural producers with an unequalled view of crop production and field conditions.

"We have worked with Resson from the earliest days of the company and have seen the tremendous potential to improve our operations by using their predictive analytics technology," said Dirk Van de Put, McCain President and CEO. "We continue to work with Resson towards the implementation of their breakthrough technology and are excited by the prospects it brings to the community of potato professionals."

"McCain has deep roots in New Brunswick and we have a long history of partnering with local businesses, including Fiddlehead Technology in Moncton, and the non-profit organization Enactus Canada to create social businesses in the region. In addition, we are committed to strengthening economic activity in the Florenceville area which was evidenced in 2015 when we announced our partnership with IBM to establish a technology service centre there to serve McCain and a number of other Canadian companies."

The Series B funding will allow Resson to expand its product development and sales and marketing efforts. The company will maintain its head office and an expanded technical development team in Fredericton while also adding a business office in San Jose, California.

About Resson

Resson is a bioinformatics and predictive analytics company that uses large scale data analytics, together with drones and swarm robotics, to help major agricultural producers create efficiencies to maximize production and profit margins. Find out more at www.resson.com

About McCain Foods Limited

McCain Foods Limited was founded in 1957 by brothers, Harrison and Wallace McCain, in their hometown of Florenceville, New Brunswick, Canada. Since its humble beginnings, McCain Foods has become one of the world's largest manufacturers of frozen french fries and potato specialties. McCain Foods now employs more than 17,000 people with global sales of CDN$7.6 billion. The company operates across six continents with 42 sites, working with 3,200 farmers and using 6.5 million tonnes of potatoes every year. To find out more, visit www.mccain.com.

Cautionary Statements Regarding Forward-Looking Information:

Certain statements contained in this release are "forward-looking statements," such as statements concerning the company's anticipated financial results, current and future product performance, regulatory approvals, business and financial plans and other non-historical facts. These statements are based on current expectations and currently available information. However, since these statements are based on factors that involve risks and uncertainties, the company's actual performance and results may differ materially from those described or implied by such forward-looking statements. Undue reliance should not be placed on these forward-looking statements, which are current only as of the date of this release. The companies herein disclaim any current intention or obligation to update any forward-looking statements or any of the factors that may affect actual results.

 

SOURCE Resson

For further information: Elizabeth Grant, Bonfire Communications, +1 506-214-5599, Elizabeth@bonfirestories.ca


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