• The Adelaide-headquartered firm is using AI to grade grains, enabling grain handlers and marketers to maximise accuracy and precision.
  • That mission was given a boost last week thanks to a $2 million raise corner-stoned by VC firm Mandalay Ventures and Singapore’s Hatcher+ which contributed $850,000.

OUR TAKE
The successful financing of Cropify shows investors’ interest and confidence in the agtech space, especially in innovative technologies that improve agricultural production efficiency and sustainability. With a growing global focus on food security and sustainable agricultural practices, Cropify and its AI technology are poised to play an important role in the agri-tech space.
— Iydia Ding, BTW reporter

What happened

Australian AI-powered grain grading company Cropify received $2 million. Last week, $2 million was raised by venture capital firm Mandalay Ventures and Singapore-based Hatcher+, of which $850,000 will be used to push forward the commercialization of AI grain grading technology in the country and prepare the company to export its expertise.

This is the company’s first major funding round. The co-founder has led the company for five years. The Adelaide-based company is using AI to grade grains, enabling grain processors and marketers to maximise accuracy and precision. “I have worked in the grain industry for 25 years and have seen firsthand the tremendous challenges of grain grading. The process is not only tedious, time-consuming, but also very subjective.” Andrew Hannon, Cropify’s co-founder and chief operating officer.

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Why it’s important

The successful financing of Cropify shows investors’ interest and confidence in the agtech space, especially in innovative technologies that improve agricultural production efficiency and sustainability. Once launched locally, AI-driven grain grading methods can be rolled out internationally. Anna Falkiner, co-founder and CEO of Cropify, said, “We believe that our innovation will not only revolutionize the industry locally, but also have a profound global impact, and our investors clearly recognize this potential.” Australian grain growers have a strong entrepreneurial spirit and it is this mindset that has made Australia a leader in agriculture.”

The company’s $2 million funding round is a major milestone that will help accelerate the commercialization of its technology within Australia and provide funding for the company to expand globally in the future. With a growing global focus on food security and sustainable agricultural practices, Cropify and its AI technology are poised to play an important role in the agri-tech space.