Thursday, 31 October 2019
Local agtech start-up Laconik has added to its recent $383K Accelerating Commercialisation grant and $500K Singaporean VC investment
Building on a recent Accelerating Commercialisation grant and its first tranche of investment from Singaporean VC Wavemaker Partners, CERI based agtech, Laconik has closed an additional $250K round of investment with Artesian and the Grains Research and Development Corporation (GRDC).
“The support Laconik has received from two globally focussed venture capital funds, Wavemaker Partners from Singapore and Artesian from Sydney, positions the business well for future growth,” Co-Founder Dr Darren Hughes told Startup News.
If that's not enough, the company also won a $19K Premier's Agriculture and Aquaculture Entrepreneurship grant that will allow them to visit a global agtech conference in Chicago next month.
Dr Darren Hughes also plans to meet major US-based agtech providers to identify innovation that can enhance Laconik's fertiliser technology. Darren is seeking innovation around farm machinery, software and data analytics ad will look to integrate this into the Laconik product, which is designed to assist grain farmers better manage their fertiliser use. Nitrogen fertiliser can account for 20% of a typical wheat farmer's annual costs.
Laconik's new $250K investment comes from GrainInnovation and SpoutX.
GrainInnovation is a venture capital fund that as money from Artesian and the GRDC.
GRDC is the nation's biggest investor in research and development in the grains industry, with an annual budget close to $200M per year.
"The investment from GrainInnovation now means that every wheat farmer in Australia is supporting the development of Laconik's unique technology to improve fertiliser decisions".
SproutX is a fund set up to support Australian agtech start-ups.
Results from the Laconik trials should be known in the new year, with the company looking to commercialise he technology in time for the 2020 growing season.
Visit the full article at Startup News