Grain industry technology start-ups are set to benefit from a new $50 million GrainInnovate fund.
The Grain Research and Development Corporation (GRDC) and Artesian Venture Partners have launched the fund to target improvements in genetics, grain technologies and storage systems.
It will also focus on technologies that can help detect changes in growing conditions and assist farmers with information they need to ensure grain is kept healthy.
Minister for Agriculture David Littleproud has welcomed a multi-million-dollar fund that will help put cutting-edge technology into Australia’s grains industry.
“This will help turn grain-growing into a high-tech science,” Littleproud said.
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“GrainInnovate will look for start-ups to boost our production of the worlds-best grains.
“The fund will invest in leading edge developments in genetics, cultivation and storage systems.”
GrainInnovate will also aim to invest into renewables, crop production techniques and water and nutrient use efficiency.
GRDC is one of the world’s leading grains research organisations that oversees research and development to improve production, sustainability and profitability in the Australian grains industry. Artesian is a global alternative investment management company with offices around the world.
Littleproud said the fund was made possible through a $25 million investment from GRDC.
“This fund brings business on board to make the most of grain research and development,” he said.
“R&D is the key to growing our agriculture industry to $100 billion in farm production by 2030.
“This investment will see the grains farming support more high-tech jobs and regional industry. It is an important and innovative step forward in co-funding between GRDC and the private sector, to encourage R&D collaboration,” Littleproud said.