Investment in Agritech Startup Aerobotics: FMO, Cathay AfricInvest to Equip World's Crops with Smart Technology
South African AgriTech company, Aerobotics, has announced a major investment that will boost its international expansion and technological development. The investment, worth ZAR 42.75 million (approximately US$2), comes from FMO and Cathay AfricInvest Innovation, a joint initiative between Cathay Innovation and AfricInvest.
Aerobotics uses aerial imagery and artificial intelligence to provide intelligent tools to farmers across the globe. Their technology solution has been used in more than 18 countries, including Africa, Australia, Europe, North and South America. In the US market, the solution is gaining momentum amongst large-scale tree and fruit farmers.
The company has developed an end-to-end solution providing farmers with data-driven insights, scout mapping, and other tools to mitigate damage to crops from pest and disease. Aerobotics is also developing a yield prediction model for tree crops, an area that is still lacking a viable technology solution on a global level.
"Our technology helps tree and fruit farmers monitor their crops, increase yield, and reduce their footprint through a combination of satellite and drone imagery and machine learning algorithms," said Aerobotics.
The investment forms part of a ZAR 250 million Series-B round led by Naspers Foundry. Other investors include Vulcan Capital, 4Di Capital, Investec, and Futuregrowth.
Cathay Innovation, a global venture capital partnership, invests in startups at the center of digital revolution across North America, Latin America, Europe, Asia, and Africa. With over $1.5 billion assets under management, Cathay Innovation has offices across San Francisco, New York, Paris, Shanghai, Beijing, and Singapore.
AfricInvest, a leading asset management firm for PE, VC, and Private Credit in Africa, contributes to significant socio-economic development through revenue growth and profitability improvement across its portfolio companies. AfricInvest operates through eight offices across the African continent, two offices in Europe and the US, and has over 160 investments in 25 countries.
For more information about Aerobotics, visit www.aerobotics.co.za. For more information about Cathay Innovation, visit
The FMO Ventures Program, an initiative of FMO with a EUR 200 million budget, aims to empower innovative business models in Fintech, Energy access, and Agritech, with a focus on direct investments in young start-up and scale-up companies. For more information about FMO Ventures Program, visit https://www.fmo.nl/venturesprogram. Cathay Innovation partners with visionary entrepreneurs and startups positively impacting the world through technology.
The investment from FMO and Cathay AfricInvest Innovation will support Aerobotics' local operations and international expansion, helping the company to continue providing innovative solutions to farmers worldwide.
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