South Africa-based multinational internet group Naspers, has announced a R100m ($5.6m) investment in agritech business Aerobotics, through its early-stage business funding initiative Naspers Foundry. The investment is pending approval by local authorities.
Aerobotics is a subscription-based artificial intelligence (AI) company that provides intelligent tools for the agricultural industry to manage its crops.
Founded in 2014, Aerobotics is a provider of artificial intelligence applications in agriculture. The company delivers AI insights through its proprietary Aeroview platform and Aeroview InField mobile app.
According Aerobotics, the insights it provides its clients include tree counts, the identification of missing trees, and the size and health of trees.
The company has progressed its technology to engineer fruit counts, and to provide data on fruit size and colour.
In addition, farmers use the intelligence to manage their farms, trees and fruit more efficiently.
James Paterson, Aerobotics co-founder and CEO, said: “The intersection of agriculture and technology has always been my passion and it has been incredible to work with a talented team, and leading agricultural groups, to contribute towards the future of agriculture. We are proud to be building quality technology in South Africa and delivering it to customers around the world.”
“Our journey is only just beginning, but already Aerobotics has demonstrated success in our ability to collect and analyse tree and fruit-level information, which are critical to the agricultural industry. We have seen great support from commercial-scale farmers and, more recently, crop insurance companies in the US who require accurate tree-level information about their clients. We are excited to have Naspers as a partner, bringing proven skills in building global technology companies together with the capital required to continue building for, and with, the agricultural industry.”
Phuthi Mahanyele-Dabengwa, CEO, Naspers South Africa, said: “Food security is of paramount importance in South Africa, and the Aerobotics platform provides a positive contribution towards helping to sustain it. This importance has been highlighted further in the wake of the COVID-19 pandemic, with agriculture considered globally as critical infrastructure. This young, all South African team, has produced a world-class technology solution in South Africa and has also successfully entered the US market where they are gaining momentum. This type of tech innovation addresses societal challenges, and is exactly the type of early-stage company that Naspers Foundry looks to back.”
Naspers Foundry, which was announced at the end of 2018, is a R1.4bn ($79.6m) initiative aimed at strengthening the South African technology sector by providing funding to talented and ambitious technology founders and entrepreneurs.
Last year, the initiative invested R30m ($1.7m) in online home cleaning services business, SweepSouth. Naspers Foundry backs talented local technology founders building businesses that improve people’s daily lives and show great potential to scale.