Australia's Artesian launches $36m agtech fund

GRDC contributed A$25 million to the vehicle, known as GrainInnovate. It will invest in grain industry start-ups with a focus on improving operations in genetics, cultivation, and storage. Technologies related to task automation, crop protection, and water and nutrient efficiency will also be targeted.

"This will help turn grain-growing into a high-tech science," Minister for Agriculture David Littleproud, said in a statement. "R&D is the key to growing our agriculture industry to A$100 billion in farm production by 2030."

Artesian described GrainInnovate as a "seed-to-exit partner" for agtech companies, noting that it would invest globally but with an Australia-focused agenda. The VC firm will write checks of up to A$5 million.

Artesian is also the manager of a A$10 million fund launched by Australian agtech accelerator SproutX, a collaboration between financial services company Findex and the National Farmers Federation. The SproutX vehicle plans to take 8% stakes in 10 Australian start-ups for A$40,000 each.

Private agtech sector investors in Australia have expressed disappointment in government participation at a national level despite notable technical contribution from federal research agencies such as CSIRO. Much of the momentum to date has been driven by foreign capital channels such as US-based investors Finistere Ventures and AgFunder. 

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• Topics
• Australasia
• Fundraising
• Venture
• Technology
• Industrials
• Australia
• Agriculture
• seed