Acquisition Advances Growth Strategy in Autonomous Agriculture
SIOUX FALLS, S.D. (April 7, 2021) — Raven Industries, Inc. (the Company; NASDAQ:RAVN), a leader in agriculture technology, announced today that it has purchased all of the intellectual property (IP) and patents of Jaybridge Robotics, an early developer of automated agriculture technology.
Jaybridge’s unique IP portfolio includes significant and critical patents for technology directly related to path-planning, obstacle detection and avoidance, and multi-machine control systems. Raven will leverage this IP portfolio with the Company’s continued development of Driverless Ag Technology — including integration of the technology into the Company’s AutoCart® platform.
“By acquiring Jaybridge’s intellectual property we are able to advance our autonomy strategy by combining necessary, technology-leading patents with our current suite of proprietary products in this space,” said Jared Kocer, Raven’s Director of Technology Solutions. “Having this technology will allow us to accelerate the development of vehicle automation for agriculture equipment applications.”
The acquisition was completed in the first quarter of the Company’s current fiscal year.
About Raven Industries, Inc.
Raven Industries (NASDAQ: RAVN) provides innovative, high-value products and systems that solve great challenges throughout the world. Raven is a leader in precision agriculture, high-performance specialty films, and aerospace and defense solutions, and the company’s groundbreaking work in autonomous systems is unlocking new possibilities in areas like farming, national defense, and scientific research. Since 1956, Raven has designed, produced, and delivered exceptional solutions, earning the company a reputation for innovation, product quality, and unmatched service. For more information, visit https://ravenind.com.
About Raven Applied Technology
For decades, Raven Applied Technology has been committed to maximizing operational efficiencies through its innovative agriculture technology. The company’s autonomous product suite, Raven Autonomy™, is an extension of that core. From field computers to sprayer and planter controls, GPS guidance steering systems, logistics technology, and autonomous solutions — Raven provides precision agriculture products designed for ag retailers and growers to remain competitive and profitable into the future. Learn more at https://ravenprecision.com.
Erin Rinehart, Marketing Manager
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Jared Stearns, Investor Relations
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