701x Secures $10M Series B, Achieves Profitability, Expands Globally
701x, an agtech firm, has raised over $10 million in an oversubscribed Series B round funded entirely by ranchers. The company has reached profitability and is set to expand its satellite-enabled GPS technology for cattle into six countries by year-end.
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701x has successfully closed an oversubscribed Series B funding round totaling over $10 million, entirely sourced from ranchers and local investors. The company has achieved its first profitable month while focusing significant resources on research and development, including enhancements to its acquired breed registry software and a new feedlot management system.
The xTpro, a solar-powered GPS ear tag, provides ranchers with real-time alerts on herd health and behavior via direct-to-satellite connectivity, effectively addressing communication challenges in remote agricultural areas. Robotics and automation in production have reduced assembly costs by 75%, enabling scalable, high-quality manufacturing. 701x is set to launch its products in Australia, New Zealand, Mexico, the UK, and Brazil by the end of the year. This community-funded model demonstrates that hardware startups can achieve profitability with targeted solutions in agriculture, contrasting with trends in venture capital-focused tech sectors.
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