Global finance and manufacturing giants invest in Australian agribusiness
17 May 2017
The Yield, a global agricultural technology (agtech) startup based in Tasmania, has attracted A$6.5 million in Series A investments from Bosch, KPMG and AgFunder to develop its aquaculture and microclimate crop–sensing systems.
This funding takes investment in the company to A$11.5 million in two years, including a 2015 Accelerating Commercialisation grant by the Australian Government, and a previous investment by Bosch of A$2.5 million in 2016. In addition to funding, AgFunder, a US-based agricultural industry investment fund, also presented The Yield with an innovation award.
The Yield’s technology is helping Australia maintain its competitive edge in agtech. In a news report by the ABC, Australia’s national broadcaster, Ben van Delden, KPMG’s head of markets and agtech, says KPMG invested in The Yield to embrace the ‘disruptive technology’.
‘We have got some absolutely outstanding agtech solutions coming out of Australia,’ says van Delden. ‘It’s pretty fundamental that as an industry we acted and collaborated more tightly, around how do we sponsor agtech startups to design solutions that our growers require for the markets that we operate in.’
The ABC also quotes Bosch Australia president Gavin Smith, who says his company is investing tens of millions of euros in agtech around the world, and this amount will eventually increase to hundreds of millions of euros annually.
‘It’s all related to improving yield, reducing risk, and bringing connected sensors and devices that allow smarter decisions to be made by the farmers,’ says Smith.
For more information, visit Australia Unlimited to read an interview with Ros Harvey, founder and managing director of The Yield.