Ag supplier harvests $11.2 million venture round

Oct. 9, 2002 — Beeline Technologies Pty Ltd., a privately-held Brisbane, Australia, developer of steering assist systems for self-propelled agricultural equipment, has raised $11.2 million in a third round of venture financing, according to a company spokeswoman.

GE Equity led the round. Existing investors Food & Agribusiness Investment Fund, ABN Amro Capital and Queensland Development Fund also participated, as did company management. Beeline previously received approximately $8 million in its first two funding rounds.

The company said it will use the funds to expand in the United States and Australia and to launch marketing programs in Europe. A news release said Beeline’s steering assist technology, which uses MEMS-based components from Crossbow Technology Inc., can steer agricultural equipment to within 0.8 inches accuracy. Benefits include fuel savings and productivity improvements.

Beeline was founded in 1994 and has 68 employees in Australia and 25 in the United States. In July, the company signed a contract to supply steering assist units to agricultural equipment vendor AGCO Corp.


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