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Sensonomic: will use its simulations to secure loans for farmers in financial need

  • Sector: Infrastructure
  • Date: March 5, 2021

  • Company: Sensonomic develops software to make global agriculture more profitable in a sustainable manner. By utilising advanced simulation methods, the software can find optimal strategies for adaptation to a changing world.

In collaboration with the non-profit financial organization Opportunity International and the European Space Agency (ESA), Sensonomic will develop a commercial service for loan providers in the agricultural sector.

The technology combines, among other things, data from the farmers’ own operations with external sources such as weather and satellite data from ESA. The data is run through millions of computer simulations that give farmers the opportunity to predict crop yields in rural areas, to adjust their operations, and maximize their value, explains Anders Gundersen, CEO at Sensonomic.

Farmers often find themselves in a poverty trap, including those engaged in “cash crops” such as coffee. They are not given the opportunity to invest to get out of poverty, as it is difficult for the banks to measure their level of credit worthiness, says Gundersen. We will develop our technology into a self-service SaaS tool for banks, to provide a better basis for decision-making in their search for more loan customers, Gundersen concludes.