Collective includes companies headed by Google Chairman Eric Schmidt
By Diego Flammini, Farms.com
Startups dedicated to agricultural technology (agtech) who need a financial boost in hopes their dreams become a reality can apply for an investment partnership with some heavy hitters in the agtech world.
Innovation Endeavours and Flextronics’ Lab IX, founded by Google Chairman Eric Schmidt, AGCO, DuPont, and others, make up Farm2050, an initiative focusing on robotics and data science to confront global food security and waste.
"(A hundred) years ago, we saw the Haber-Bosch process enable fertilizer development," said Innovation Endeavors Managing Partner Dror Berman, in a statement. "50 years ago, we saw the refrigerated truck facilitate the long-distance transport of perishables. And today, we're seeing the emergence of robotics and machine learning applied to agricultural practices.”
The obstacles the entrepreneurs face is intense. Berman estimates needing to feed more than 10 billion people by 2050. That’ll require a nearly 70% increase in food production.
“This is a tall order but also the type of challenge that technologists should be working to solve,” he said.
Farm2050 isn’t the only investment group to look at infusing the agricultural business sector.
In November, Kleiner Perkins Caufield and Byers invested in Farmers Edge out of Winnipeg, Manitoba, who specialize in precision agriculture.
"They uniquely integrate real-time satellite imagery and in-field telematics to maximize yield and minimize environmental footprint," said Kleiner Perkins' Brook Porter, in a statement. "Farmer's Edge is leading the current disruption around how crops are grown, and ultimately how crops are valued as traceability becomes an increasingly important factor in the food supply chain."