Mergers & Acquisitions · Completed deal · Buy-side advisory

Innoval acquires Dilepix: computer vision joins the Smart Décision division

How the Breton livestock-services cooperative group became majority shareholder of the Rennes deeptech specialising in AI-powered image analysis — the need, the approach, the stakes and the macroeconomic reading of a takeover that gives farm management digital eyes, for the 28,000 livestock farmers in its network.

EUR 930k
target's published 2024 revenue
2018
founded in Rennes as an Inria spin-off
28,000
livestock farmers in the cooperative network, a testing ground for innovation
2025
majority stake acquired on 1 July
The acquirer

Innoval, the cooperative group serving livestock farmers

Based in Noyal-sur-Vilaine, in Ille-et-Vilaine (Brittany), Innoval is the cooperative group for animal genetics and livestock services — genetics and breeding, advisory, animal-health management, feed — serving the 28,000 livestock farmers in its network. Unlisted by virtue of its cooperative status, the group generated EUR 228 million in revenue in 2024 with 2,000 employees and a presence in 29 French départements — one of France's leading livestock cooperatives. Its digital strategy is set out in the Innoval 4.0 programme and the Smart Décision division of its holding company Innoval Développement — collecting and using data for the benefit of farmers — built brick by brick: predictive monitoring with ITK, taken over in October 2023, twenty pilot farms in a research programme, and now computer vision with Dilepix.

CAMERAS & VIDEO FEEDS BARNS · MACHINERY · DRONES VISION ALGORITHMS REAL-TIME ANALYSIS · DEEP LEARNING DETECTION & ALERTS FARM MANAGEMENT
The target's key know-how: turning camera feeds into livestock decisions, in real time
IN Innoval Cooperative group of livestock farming services — Noyal-sur-Vilaine (35) innoval.com
D Dilepix Computer vision & AI for agriculture — Rennes (35) dilepix.com
The seller

Dilepix, the Rennes computer-vision deeptech

Based in Rennes, Dilepix designs computer-vision algorithms that analyse, in real time, video and photo feeds from livestock barns, farm machinery and drones — automatically detecting and locating agronomic threats and opportunities, from monitoring livestock activity to quantifying feed losses. Founded in 2018 by Alban Pobla and Aurélien Yol as a spin-off from work carried out with Inria — twenty-five years of computer-vision research — the company raised EUR 1 million in 2019 and generated EUR 930k in revenue in 2024 with around ten employees, backed by an unusual partnership model: cooperatives, pharmaceutical and veterinary companies, technical institutes, tractor and farm-machinery manufacturers. The published governance signals continuity: both co-founders join the group — Aurélien Yol takes the helm of Dilepix, Alban Pobla of the Smart Décision division — and the company keeps both its R&D agility and its partnership model.

Deal visibility

What the press said

The deal, announced on 1 July 2025, was covered by the regional press, Brittany's business press and the agricultural trade press:

Ouest-France · Economy & AgricultureJuly 2025 Livestock: Innoval strengthens its digital arm by buying Rennes-based Dilepix (in French)

France's leading regional daily announces the deal in its very headline — the cooperative group strengthening its digital arm by acquiring the Rennes start-up — and places it within the livestock landscape of western France: a leading cooperative investing in image-based artificial intelligence to equip its farmers, at a time when automated barn monitoring and data analysis are becoming everyday levers for farms.

Bretagne Économique3 July 2025 Cooperative group Innoval acquires Dilepix and accelerates in agricultural AI (in French)

Brittany's business outlet documents the trajectory and the strategy: co-founded in 2018 in Rennes by Aurélien Yol and Alban Pobla, born of research carried out with Inria, Dilepix had raised EUR 1 million in 2019; the group — EUR 228 million in revenue, 2,000 employees — continues its acquisitions in agricultural AI after ITK in 2023, with twenty pilot farms in a research programme and the ambition of making the most of data from its 28,000 farmers. Both co-founders join Innoval.

Agra Presse · agricultural trade pressJuly 2025 Dilepix joins the Innoval cooperative group (in French)

The farming world's trade news agency details the structure and the project, citing the press release: a majority stake, announced on 1 July 2025, strengthening Innoval Développement's Smart Décision division — collecting and using data for farmers to manage their operations. The article describes the mutual promise: easier field access to validate the start-up's innovations, while it keeps its R&D agility and its partnership model, from cooperatives to farm-machinery manufacturers.

The deal rationale

Why this acquisition, and why this target

For Innoval, the aim was to complete the digital chain of livestock farming. The Smart Décision division — whose mission the press release sums up as “collecting and using data for the benefit of farmers” to manage their operations — had been built brick by brick, from ITK's predictive monitoring to the twenty pilot farms of the research programme. It lacked the richest and least exploited data source: images. By taking control of the Rennes computer-vision specialist, the group gives its set-up eyes — real-time analysis of feeds from barns, machinery and drones — and addresses what no point sensor captures: animal behaviour observed continuously, health events detected at their first signs, automated daily monitoring.

AI · INRIA COOPERATIVE · EUR 228M INNOVAL COMPUTER VISION DILEPIX · RENNES 28,000 FARMERS & INDUSTRIAL PARTNERS
The strategic stake: connecting the deeptech's digital eyes to the cooperative network's farms

On the target side, Dilepix brought what seven years of deeptech development build: technology born of twenty-five years of computer-vision research at Inria, proven real-time detection and localisation algorithms, and a rare partnership model — cooperatives, pharmaceutical and veterinary laboratories, technical institutes, machinery manufacturers — that multiplies outlets beyond livestock alone. What it lacked, the deal provides: the field. With the network's 28,000 farmers and the twenty pilot farms of the research programme, the start-up gains a scale of validation no young company can afford on its own — while keeping, as the press release states, its R&D agility and its partnerships. Governance seals the alignment: one co-founder at the head of the company, the other leading the division that welcomes it.

The macroeconomic reading

Precision livestock farming becomes a consolidation play

This deal illustrates the coming of age of French agtech: born in laboratories — Inria, INRAE — and funded by venture capital, the first generation of agricultural deeptechs has reached the age of choices. Between the next funding round and joining a larger group, one model is gaining ground in livestock farming: integration into cooperative groups, which hold what start-ups never will — the field, data at scale and farmers' trust — while the digital transition of farms becomes a matter of competitiveness, animal welfare and response to labour shortages. Cooperatives, for their part, are building their digital divisions through targeted acquisitions: the predictive brick, the monitoring brick, the vision brick — farm management is being reassembled as a software suite.

The deal also tells a story of short-circuit Breton capital: a few kilometres away, in Ille-et-Vilaine, the Noyal-sur-Vilaine group takes control of the Rennes Inria spin-off — local public research finding its industrial outlet in local agricultural cooperation, without a sale to a foreign industrial buyer. For the founders and the team, joining the group offers scale while preserving agility; for the region, it anchors applied artificial-intelligence expertise in Rennes; and for the group's deals in this collection — the takeover of formulator Orcad, the stake in Ratdown, control of Dilepix — it outlines a method: for each brick, its own structure, from minority stake to control, serving a single cooperative project.

NOYAL-SUR-VILAINE INNOVAL RENNES · INRIA SPIN-OFF DILEPIX 2025 ACQUISITION · MAJORITY STAKE ILLE-ET-VILAINE
Short-circuit capital: the cooperative group takes control of the deeptech in the neighbouring city
Our advisory role

Collaboration Capital's added value on this buy-side mandate

On this deal, Collaboration Capital acted as buy-side adviser. A cooperative group taking control of a deeptech plays out in four stages — and the asset, a research team and its algorithms, gives each of them its own requirements.

I

A clear understanding of the mandate

Scoping a technology acquisition by a cooperative starts from end use: the sector's referral channel is the livestock adviser — the technician who visits the farm, recommends tools and gets members to adopt innovations. A digital division built brick by brick is therefore not looking for one more start-up, but for the exact capability that completes the suite: after the predictive brick and monitoring, computer vision — the only source that observes the animal and the barn continuously. The brief added two requirements specific to the cooperative world: technology ready for the field, and a project compatible with the culture of cooperative membership.

II

Target sourcing and assessment

French agtech is an ecosystem of young companies spun off from laboratories, which official classifications render unreadable — filed under software publishing or IT consulting, never under the livestock farming they serve. Assessment relies on deeptech-specific criteria: scientific track record and ownership of the technology — here twenty-five years of Inria research behind the spin-off — product maturity beyond the prototype, quality of training data, robustness of the partnership model and dependence on the founders — in a team of around ten, the researchers are the asset. Finally, proof of use: algorithms deployed in real conditions, not demo promises.

Off-market channel

Off-market sourcing

Collaboration Capital's technological edge lies in how it identifies targets: semantic clustering and machine-learning algorithms rather than sector and administrative classifications. Official activity codes put companies into boxes that cannot serve an acquirer's overall objective — they ignore the actual business, the distribution model, the customer base and the business model. Semantic analysis, by contrast, reads what companies really do and maps those that match the acquisition thesis in every dimension, including — above all — those that are not for sale. Agtech is the perfect example: a livestock deeptech administratively filed under software, which no search by agricultural codes would ever have surfaced.

On-market channel

On-market sourcing

The same infrastructure applies to the visible market: the technology extracts the acquisitions and disposals completed in the client's target sector — and, above all, it identifies the dealmakers who led them: lawyers, auditors, lending banks and investment funds, assessing how specialised each one is in the sector concerned.

Collaboration Capital thus identifies the dealmakers who are genuinely active in the sector sought, finds their professional contact details — emails and phone numbers — and reaches out to present the client's acquisition project. This is how the on-market channel is fed: it gives the client access to the business sales circulating on the market, at the moment they circulate, through the people who circulate them — including deeptechs that have reached the stage of joining a larger group, whose files venture capital circulates early.

Taken together, these two channels raise the level of the sourcing game: Collaboration Capital's technology infrastructure becomes a genuine game changer for acquisition projects. It is designed for ambitious companies that want to base their external growth on this high-end infrastructure.

III

Direct approach and introductions

Approaching two co-founders from a research background means answering the question that decides everything: what happens to R&D? The pitch rested on the project — access to a validation ground no start-up can afford, the network's 28,000 farmers and the research programme's twenty pilot farms — and on guarantees: R&D agility preserved, the partnership model kept, from cooperatives to machinery manufacturers. Finally, sensitivity required offering each founder a role to match: running the company for one co-founder, leading the host division for the other — aligning people before aligning capital.

IV

Negotiation through to closing

The structure chosen was a majority stake: control for integration into the division, a place in the capital and at the helm for the founders — the standard structure for deeptechs, where value walks out with the team. Due diligence focused on the trade's assets: intellectual property in the algorithms and the track record of work originating at Inria, the datasets and their ownership, partnership contracts and their transferability, and retention of the research team. Governance was set at the announcement — each co-founder in their role, agility preserved — and the acquirer's discipline did the rest: the group's third deal documented in this collection, after ITK in 2023 outside the collection, each with the structure suited to its brick.

The deal at a glance
Acquirer
Innoval, via Innoval Développement (Smart Décision division) — Noyal-sur-Vilaine (35) · EUR 228m (2024) · 2,000 employees
Target
Dilepix — Rennes (35), founded 2018, Inria spin-off
Target's business
Computer vision & AI for livestock farming and agriculture
Target size
EUR 930k revenue (2024) · around ten employees
Structure
Majority stake — co-founders in management roles
Year
2025 (announced on 1 July)
Our role
Buy-side advisory
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