IndigoVerge is among the two new companies in which the Eleven Ventures has decided to invest. The news was announced earlier today on Eleven’s website.
Eleven has made an investment in IndigoVerge – a company with 15+ years of experience in developing web and mobile applications serving the IoT and Industrial Automation domain. The investment aims at speeding up the expansion of IndigoVerge key activities and is particularly targeted at ONDO – an innovative agricultural automation solution which the company has focused on developing over the past 6 months.
ONDO is an intelligent solution for automated irrigation management, precise plant nutrition, climate control and monitoring for various crops. It is applicable for greenhouses, vineyards, open fields and orchards, allowing farmers to monitor and control all plant growing activities on their farms in real-time, from any device.
Eleven’s Partner Ivaylo Simov commented on the key factors behind this investment decision:
“A leading factor for us in the two investments are the teams, which in both cases have the perfect fit of technical skills, insights and knowledge for the respective market and strong business development acumen. Our investment in ONDO fits perfectly with one of the verticals which we are particularly interested in – Agri-Food Tech (the other two are Fintech and Healthtech). We believe that the future in this field will be enhanced by smart products, which will optimize the labour-intensive work-flow through automation and will highly improve efficiency. In the current crisis state, many people will focus on implementing sustainable solutions and this is one of them.”
Eleven’s investment will allow IndigoVerge to keep focusing on developing ONDO smart agriculture solution and at the same time continue to offer product development services for businesses in the IoT and Industrial automation domain.
“We would like to express our deep gratitude to Eleven for their trust in our team and for supporting us on the way we have decided to take. We highly value Eleven’s contribution to the establishment of a solid investment culture in Bulgaria and the region, to the sustainable development of an entrepreneurial environment and for creating a community of innovative and disruptive businesses. Eleven’s investment will allow us to focus our efforts in 2 key directions: our project for smart farming ONDO and the product development services for businesses in the IoT and Industrial automation domain. These 2 directions complement each other and will enable us to develop additional competencies in the sphere as well as to reach new customers.”– commented Ilia Iordanov, CEO of IndigoVerge.