Thursday, July 25, 2024

Top 5 This Week

Sowing the Seeds of a Business Boom in Agriculture Sector

SVG Ventures|THRIVE, a leading global Agrifood investment and innovation platform, has officially signed off on a partnership with NEC X, NEC Corporation’s Silicon Valley innovation hub and venture studio, to build a strategic connection between Agtech entrepreneurial ecosystems and NEC X venture-building capabilities. According to certain reports, the stated partnership will look to identify opportunities for new ventures in agriculture, and once these opportunities have been identified, it will also try and accelerate the new ventures’ growth over time. Talk about how each partner will actionably contribute towards the cause in question, we begin from SVG Ventures|THRIVE and its platform, which brings access to top tier and sector-focused entrepreneurial talent. This markedly includes talent present within THRIVE’s pre-seed Academy programs and comprehensive founder database. Furthermore, THRIVE will also deliver strategic industry insights to inform decisions, while simultaneously empowering NEC X to participate in exclusive ecosystem activities alongside its portfolio of companies and corporate partners.

Moving on to what NEC X has on the offer, the company is expected to chip in with its R&D expertise across various emerging technologies, such as artificial intelligence and machine learning (AI/ML), sensors, data analytics, and cloud computing etc. Leveraging the said expertise, NEC X will be able to empower entrepreneurs to build out advanced solutions like precision agriculture, automated farming systems, crop monitoring and predictive analytics for optimized production, resource management, and more.

“At NEC X, we recognize the growing importance of the agriculture and food industry in addressing global challenges such as climate change and a growing population,” said Shintaro Matsumoto, president and CEO of NEC X. “That’s why we’re committed to driving innovation in this sector, leveraging our expertise in cutting-edge technologies such as AI/ML, sensors and data analytics technology. By partnering with THRIVE, we’re excited to support entrepreneurs in this space and jointly innovate to advance the future of agriculture and food.”

Beyond how they will immediately enhance the prospects of such a partnership, THRIVE and NEC X’s wider track record also makes for a promising read. You see, founded in 2014, THRIVE has today reached a point where it boasts a community of more than 8,500 startups spanning across 100 different countries. Creating unparalleled access for entrepreneurs so to help them solve the biggest challenges currently pitted against food and agriculture industries, the company has, so far, worked alongside the likes of Corteva, Intel, Driscoll’s, FCC, CED, Bayer, Koch, Kubota, Shell, Land O’Lakes, ICL, Alberta Innovates, UFA, Trimble, Taylor Farms, and Valmont etc. On top of that, Crunchbase has also recognized THRIVE as the most active AgTech investor, boasting a portfolio count of over 80 investments in the sector and counting.

As for NEC X, since starting out in 2018, the company has managed to create around 10 full-fledged ventures. The excellence it displayed while doing so can be interpreted once you consider NEC X has already won various industry-leading awards, such as Best in Biz, BIG Innovation, and plenty more.

“NEC and NEC X can bring unique technologies, resources and scale to the agriculture industry,” said John Hartnett, CEO and Founder of SVG Ventures|THRIVE. “We are delighted to partner with NEC X to provide new opportunities for entrepreneurs in THRIVE’s ecosystem and jointly innovate to advance the future of food and agriculture.