Posted on August, 29, 2024 at 06:00 pm
South Australian AI agtech startup Cropify has secured $2 million in funding, in a capital raise cornerstoned by Australian VC Mandalay Venture Partners and Singapore-based Hatcher+.
Mandalay and Hatcher+ contributed a combined $850,000 to the funding round, which represents their first joint investment under a new partnership announced this week.
The two funds say they are working together to “accelerate the growth of startups focusing on solutions from ‘farm-to-fork'”, and this will include on-farm technologies, farm gate solutions, supply chain innovations, and point-of-sale advancements”.
Founded in 2019 by CEO Anna Falkiner and chief operating officer Andrew Hannon, Cropify uses AI to improve the accuracy and efficiency of grain grading.
The Cropify system is designed to be used by growers, grain bulk handlers, and marketers to grade or classify pulse samples in a precise way that is both objective and repeatable.
It promises improved efficiency across the sector, leading to cost savings, as well as more sustainable processes that reduce CO2 emissions and the use of plastic.
Apart from grants from the Australian Institute of Machine Learning and the South Australian Department of Primary Industries and Regional Development’s AgTech Growth Fund, Cropify has largely been self-funded, according to Falkiner.
“This funding round marks a pivotal moment, enabling us to strengthen our team and focus on commercialising our innovative technology in Australia in 2025,” she said in comments provided to SmartCompany.
Hannon said Cropify has the potential to make a difference to the global agrifood market “and it’s clear our investors share that vision”.
“We are thrilled to see this level of investment, which underscores the value of our technology and the pressing need it addresses. The strong backing from all corners of the agricultural industry—from growers to advisors—is incredibly encouraging,” he added.
The Australian grain growing sector is home to “a remarkable entrepreneurial spirit”, said Hannon, and this is why Australia is poised to be “at the forefront of global agriculture”.
“The future will belong to those growers and business owners who adopt technology to boost efficiency,” he said.
“Those who are relentless in their pursuit of business and supply chain optimisation will be best equipped to succeed, particularly as they navigate evolving economic and climatic challenges.”
Source: Smart Company