Victoria’s burgeoning AgTech sector is set for a $1.3 million boost through a suite of new initiatives from LaunchVic and Agriculture Victoria. LaunchVic has partnered with Agriculture Victoria to increase support for early-stage AgTech startups across Victoria by rapidly providing small amounts of working capital to help startups build capability and move to the next stage of growth. Grants of $50,000 are now available to 20 emerging AgTech entrepreneurs looking to take their ideas to the next level this year. $45,000 will be provided as an equity-free grant, with the remaining $5,000 funding mentoring and business development advice from some of Victoria’s best startup advisors. Consistent with LaunchVic’s strategy to catalyse more early-stage investment in the sector, $300,000 has been allocated for investors to establish a dedicated AgTech angel network – the first of its kind in Victoria. The angel network will deploy crucial early capital to founders and provide a valuable network of early-stage investors for Victoria’s AgTech community. A LaunchVic report that looked at Victoria’s investment landscape from December found that Victorian Angels are the second most active investors after VCs by number of rounds – a 2.3x increase since 2016 – of which during this time LaunchVic has funded the creation of nine new angel groups in Victoria. LaunchVic CEO Dr Kate Cornick said the AgTech grants would put equity-free working capital in the hands of Victorian Ag innovators hungry for their next phase of growth. "Once these founders are ready to close their first funding raise, we’ll make sure there’s a dedicated angel group invested in their success.” Dr Kate Cornick, LaunchVic The grant rounds build on the Victorian AgTech Entrepreneurs’ Initiative, LaunchVic’s $2.2 million partnership with Agriculture Victoria announced in September 2021 to fund the delivery of AgTech pre-accelerator services for close to 500 aspiring entrepreneurs. These latest initiatives provide post-accelerator support and are part of a $2.6 million commitment from Agriculture Victoria to 2024, with further initiatives to come later this year. Investors and startups are invited to apply to the current grants. March Information Sessions AgTech Grants Program Information Session Thu 2 Mar, 1:00 PM - AgTech Angel Networks Information Session Tue 7 Mar, 1:00 PM - 2:00 PM Originally published by LaunchVic on 21 February 2023 LaunchVic to create Victoria’s first angel group for AgTech Find out more at LaunchVic Agtech
What is digital agriculture? Digital agriculture is the use of digital technology to integrate agricultural production from the paddock to the consumer. These technologies can provide the agricultural industry with tools and information to make more informed decisions and improve productivity. Victoria’s farmers contribute one third of Australia’s food and fibre exports. Demand for Victorian-produced food is set to grow as the world’s population increases from seven billion to almost 10 billion over the next 30 years. A growing global middle class, particularly among our neighbours in Asia, is further bolstering the prospects for food and fibre export growth. While demand is set to grow, farmers are facing the challenges of a changing climate: increased temperatures changes in rainfall patterns more frequent extreme weather events reductions in water availability. In this environment, farmers must continue to innovate to maintain and improve productivity to meet demand. Digital technologies have the potential to provide farmers with the information and ability to meet these challenges and seize opportunities for growth. But it is not just about farmers. Consumers both at home and abroad are becoming more informed about the products they buy. They demand high quality and sustainably produced food and fibre and want to know more about where their products come from. Digital technologies can enable improved traceability of agricultural products, providing peace of mind for consumers and increased value for farmers. View transcript Examples of digital agriculture Opportunities to lift productivity in the agricultural sector lie in new and emerging technologies such as: robotics new packaging material biotechnology and digital and wireless technologies for data measurement weather monitoring animal monitoring geospatial monitoring precision application of water and chemicals. Robotics Robotics are being introduced to the dairy, poultry and beef farming industries. Applications include: autonomous feeding and milking egg collection and sorting autonomous cleaning. These technologies are helping early detection and treatment of animal health issues. Satellite imagery In cropping, less waste and higher yields are being generated by equipment programmed for variable seeding rates and depths based on soil property and moisture data, derived from satellite imagery. Digital infra-red light and heat sensors combined with geographic information system technology in drones are used measure paddock crop health to inform decisions about: irrigation pest management fertiliser applications harvesting. Sensors and electronic identification Integrated digital animal health biometric sensors and electronic identification devices enable farmers to rapidly respond to cases of animal stress or disease, helping to increase livestock production and improve livestock health. Victoria is Australia's largest producer of food and fibre products, and these make up over half of Victoria's total product exports. Agriculture Victoria Research delivers innovation for economic growth in Victoria’s agriculture through leading science and strong science capacity. Find out more here >>