MaHui | ICAN Closes Two Rounds Totaling Over 100 Million Yuan, Source Code Capital Leads Series A

#MaKe Key Updates from Source Code Capital and MaHui Members

On June 23, 2022, ICAN, China's first smart crop cultivation decision service provider, announced the simultaneous completion of its Series A and A+ rounds, totaling over RMB 100 million. Series A was led by Source Code Capital, while Series A+ was jointly led by IDG Capital and Hillhouse. Linear Capital and Bits x Bites participated in both rounds.

Beijing ICAN Technology Co., Ltd. is a national high-tech enterprise, China's first smart crop cultivation decision service provider, and a pioneer in global crop growth model R&D. Founded in 2016, the company focuses on providing full-growth-cycle smart cultivation decision guidance services for agricultural producers.

Unlike most digital agriculture models on the market that rely on sensor hardware for data collection and solution management, ICAN has built its smart cultivation decision system through independently developed plant-soil-atmosphere continuum models and a big data-driven intelligent agriculture technology system (the ICAN Big Data Platform), combined with satellite and UAV remote sensing monitoring, AI prediction, Mobile Internet, and other modern technologies. By inputting data for corresponding farmland, the system generates automated cultivation plans for different regions.

ICAN's core R&D team comprises scientists from top research institutions in China, the United States, and the United Kingdom, as well as dozens of PhDs. The company also collaborates with world-leading institutions including Wageningen University in the Netherlands, Rothamsted Research in the United Kingdom, and Bayer in Germany to advance research in agricultural AI. To date, ICAN's services cover over 10 provinces and municipalities across China, serving 26 million mu of farmland with an average yield increase of approximately RMB 200 per mu.

ICAN founder and CEO Guo Jianming stated that based on years of service data, without deploying any IoT devices, ICAN's digital tools have already helped growers reduce cost inputs by 10-20% while increasing yields by 5-15%. The digitization of China's agriculture industry has only just begun. As data accumulates and algorithms evolve, these improvement figures will grow even larger, and the adoption of digital tools will become a core driver for China to leapfrog in agriculture.

Xufeng Li of Source Code Capital commented that against the backdrop of accelerating smart agriculture development, scientific cultivation and modern agriculture have entered a golden growth period. China's agriculture sector, along with its 500 million farmers and 1.8 billion mu of arable land, is gradually adopting more scientific and effective management methods. ICAN approaches this from big data and algorithmic models, integrating geographical, meteorological, soil, seed, and pest data models to tailor full-growth-cycle cultivation decision solutions for domestic practitioners. This aligns with Source Code's conviction that technology-driven innovation can fundamentally transform industries. Through large-scale applications over the past few years, ICAN has repeatedly demonstrated its solutions' advantages in cost reduction and efficiency improvement, risk-averse cultivation, and flexibility and reliability, tangibly elevating the level of domestic agricultural development and ensuring grain output and security.

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