Farmers Edge Inc., a firm that uses artificial intelligence to help growers boost crop yields, filed documents with regulators to sell shares in an initial public offering in Canada.
The Winnipeg, Manitoba-based company plans to sell shares for between $10 and $17 apiece and list on the Toronto Stock Exchange, according to its regulatory filing, which includes a $100 million placeholder amount for the IPO size. National Bank of Canada and Canadian Imperial Bank of Commerce are leading a group of banks on the sale.
Farmers Edge employs technology to collect and analyze local weather, soil moisture and satellite data to help farmers improve crop efficiencies and yields. Chief Executive Officer Wade Barnes co-founded the firm in 2005 and it has since expanded operations across Canada’s Prairie provinces and abroad, with offices in the U.S., Australia, Russia, Brazil and Ukraine.
The agriculture industry is showing heightened interest in harnessing technology to improve crop yields, curb greenhouse gas emissions and tackle climate change, drawing interest from both startups and established firms such as Bayer AG and Deere & Co.