Business

Naspers Foundry Funds Agritech Business Aerobotics With R100 Million!

Naspers Foundry Funds Agritech Business Aerobotics With R100 Million!. Naspers announced a R100 million investment in agritech business Aerobotics, through its early-stage business funding initiative Naspers Foundry. Aerobotics is a subscription-based artificial intelligence (AI) company that provides intelligent tools for the agricultural industry to manage its crops.

James Paterson, Aerobotics co-founder and Chief Executive Officer said in a statement, “The intersection of agriculture and technology has always been my passion and it has been incredible to work with a talented team, and leading agricultural groups, to contribute towards the future of agriculture. We are proud to be building quality technology in South Africa and delivering it to customers around the world.”

“Our journey is only just beginning, but already Aerobotics has demonstrated success in our ability to collect and analyse tree and fruit-level information, which are critical to the agricultural industry. We have seen great support from commercial-scale farmers and, more recently, crop insurance companies in the US who require accurate tree-level information about their clients. We are excited to have Naspers as a partner, bringing proven skills in building global technology companies together with the capital required to continue building for, and with, the agricultural industry.” Paterson added.

Aerobotics, founded by James Paterson and Benji Meltzer in 2014, is a leader in the application of artificial intelligence in agriculture. The insights Aerobotics provides to its clients include tree counts, the identification of missing trees, and the size and health of trees. The company has improved its technology to engineer fruit counts, and to provide data on fruit size and colour. Farmers use the intelligence to manage their farms, trees and fruit more efficiently. Aerobotics delivers the insights through their proprietary Aeroview platform and Aeroview InField mobile app.

Naspers Foundry, which was announced at the end of 2018, is a R1,4 billion initiative aimed at strengthening the South African technology sector by providing funding to talented and ambitious technology founders and entrepreneurs. Last year, the initiative invested R30 million in online home cleaning services business, SweepSouth. Naspers Foundry backs talented local technology founders building businesses that improve people’s daily lives and show great potential to scale.

By Thomas Chiothamisi

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