AgriG8 co-founder David Chen
AgriG8, a Singapore-based startup that aims to decarbonise rice production, has secured an undisclosed investment from Better Bite Ventures, a local early-stage VC firm, and The Trendlines Group of Israel.
“This investment will fuel our regional pilots of an inclusive financing solution that encourages sustainable practices among rice farmers and improves their livelihoods,” said David Chen, co-founder of AgriG8.
Co-founded by Chen and Joshua Tan, AgriG8 supports smallholder farmers in rice-growing Asian countries and helps them adopt practices that can reduce methane emissions.
Also Read: Rize seeks to decarbonise rice cultivation in Asia with US$14M Series A raise
Its digital platform allows access to finance and incentivises methane-reducing farming practices, while the gamified smartphone app CropPal helps them report emissions-reducing practices they have implemented.
Additionally, AgriG8 uses satellite images combined with machine learning to validate water management practices associated with methane reduction. Its water management system, called alternate wetting and drying (AWD), combined with other solutions can lead to a 55 per cent reduction in greenhouse gas (GHG) emissions.
AgriG8 has completed the pilot in central Thailand and will start the next pilot in Tra Vinh, Vietnam, and Battambang, Cambodia, during the next planting season.
Rice production has the highest carbon footprint among crops globally. It is responsible for up to ~2 per cent of all greenhouse gas emissions, on par with the global aviation sector.
According to PwC and Temasek (source), rice is one of the five major sources of greenhouse gas emissions in Asia’s food and agri sector – together with meat and dairy, deforestation related to palm oil production, fertiliser use and food waste.
Also Read: Better Bite Ventures launches US$15M fund for early-stage alt-protein startups in Asia
In Vietnam, rice contributes more to emissions than the entire transport sector combined.
Reducing the carbon footprint of rice production is necessary for governments across Asia and many food companies globally to reach their net-zero targets.
Last month, Rize, another agritech platform that aims to make sustainable rice cultivation viable through innovative and data-driven practices, closed its US$14 million Series A funding round, which was co-led by Breakthrough Energy Ventures, GenZero, Temasek, and Wavemaker Impact.
—
Image Credit: AgriG8
The post AgriG8 gets Better Bite Ventures’s backing to decarbonise rice production in SEA appeared first on e27.