Australia’s AgTech Sector A Hidden Gem To A Healthy Tech Industry

Australia’s AgTech Sector A Hidden Gem To A Healthy Tech Industry

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An effort by the Australian federalgovernment to assistance the country’s farmers and other main manufacturers by incentivising financialinvestment in innovation is driving development in tech start-ups, cultivating development, and improving interest in brand-new tech abilities.

The federalgovernment justrecently revealed a 2nd round of its On Farm Connectivity Program. This $18 million financialinvestment provides refunds of up to 50%, with a optimum of $30,000 for eligible devices, intended at extending information protection and enhancing the connection and dependability of equipment and sensingunit innovation.

As keptinmind by the federalgovernment, the effort hasactually supported:

  • Soil wetness probes.
  • Antennas.
  • Liquid level displays.
  • Livestock tracking systems.
  • Weather displays.
  • Boosters and repeaters.
  • Radio transmitters.
  • Cameras.
  • Water circulation and pressure screens.

The effort is part of a bigger $1.1 billion financialinvestment into rural Australia, under the Better Connectivity Plan.

Nearly 9 in 10 farmers interested in embracing AgTech options

This financialinvestment is substantial as it designates considerable financing straight to Australian organizations.

Australia is a leader in AgTech financialinvestment, making these federalgovernment efforts neither specificniche nor directly targeted. Roy Morgan researchstudy reveals that:

  • 89% of Australian farmers desire to usage AgTech options.
  • 72% presently do.
  • 6% of farmers trial AgTech services before providing up on the innovation.

However, as Roy Morgan’s researchstudy likewise reveals, the level of financialinvestment might be even greater. The mostsignificant barrier to embracing AgTech services is “high expense,” which these federalgovernment efforts are actively assisting to address.

Chart showing barriers to adoption of AgTech mentioned by Australian Farmers.
Barriers to adoption of AgTech pointedout by Australian Farmers. Source: Roy Morgan Farmer AgTech Survey

The market sees the possible for AgTech to transform interested farmers into consumers. One business especially included in the task, Farmbot Australia, has declared 441 refunds under the plan, amounting to a overall of $2.4 million.

Farmbot regularly utilizes the plan in its marketing security to farmers.

A craze of financialinvestments into development

At the verysame time, the federalgovernment is likewise actively supporting start-ups in the AgTech area with extra grant programs, such as the Industry Growth Program.

Under the program, start-ups and SMEs working on ingenious options to sectors within the federalgovernment’s “priority locations,” which consistsof Agriculture, can gainaccessto up to $5 million in grants to commercialise and grow their operations. This has resulted in a flurry of financialinvestment interest in the sector. Examples consistof:

  • Seed Terminator, which made a $3.1 million grant earlier this year.
  • Number 8 Bio, which intends to fix important problems with the farming market’s carbon footprint. The business raised $7 million in a financing round led by Main Sequence Ventures, an financialinvestment company backed by the federalgovernment’s CSIRO R&D organisation.

Meanwhile, another Australian AgTech start-up dealingwith the verysame obstacle was able to settle a $17 million 2nd Seed financialinvestment round after capturing the eye of Microsoft creator Bill Gates.

Demand for AgTech abilities is rising

The health of the Australian AgTech sector must outcome in positi

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