This year has been a “record-breaking year” for the AgTech industry that’s seen US$16.9 billion in funding spread across 1450 investments. According to a recent Forbes article, most of these investments are located in the US — California specifically, with $5 billion worth of deals.
As for Australia, Finistere Ventures, an agtech-focused venture firm, says that, “Australian agriculture is expected to make further inroads into export markets around the world and become a A$100 billion industry by 2030 — matching the country’s mining and construction sectors — but these ambitions cannot be met without further AgTech investment”.
That view is supported by local agribusiness leaders who predict that demand for agricultural technology will explode in coming years, and start-ups should work more closely with wealthy and intelligent farmers for ideas and funding.
Western Australian Department of Primary Industries and Regional Development executive director Liam O’Connell says the AgTech sector is “set for massive growth because it could help farmers solve basic problems around reducing costs, inefficiency, improving profitability and reducing impact on the environment”.
Read more at finfeed.com
