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SVG Ventures Announces Follow-On Investment in Verdi, a Leader in Sustainable AgTech Innovation

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23 May 2024, California: Today, SVG Ventures reaffirms its commitment to sustainable agriculture by announcing a follow-on investment in Verdi, the trailblazing agriculture technology startup, through its Pioneer Fund. This new funding aims to further propel Verdi’s expansion and enhance its innovative personalized plant health\care platform across North America.

Since its initial investment, Verdi has demonstrated remarkable progress by collaborating with the world’s leading food brands to tackle pressing agricultural challenges in the  wine, fruit, and nutsectors. Verdi’s technology has not only increased marketable yields by 10% but also significantly reduced water and fertilizer usage, achieving up to 60% water savings and 10% less fertilizer usage. This efficiency boost has resulted in saving over 30 million liters of water in 2023, up from 7 million liters of water saved in 2022.

John Hartnett, CEO of SVG Ventures, commended Verdi’s progress, stating, “Verdi is leading the charge in tackling the critical agricultural challenges brought about by climate change. Our decision to increase our investment reflects our confidence in Verdi’s technology and its ability to significantly enhance crop yields and efficiency for farmers globally.”

In addition to SVG Ventures, NEC X, a corporate partner of SVG|THRIVE, has also invested in Verdi in this round. The introduction to Verdi was made at THRIVE’s accelerator demo day in Calgary during Stampede 2023. NEC X is a pioneering venture arm of NEC Corporation focused on fostering innovation in technology sectors, and this marks their second investment in a Canadian company.

Shintaro Matsumoto, CEO of NEC X, expressed his enthusiasm for the partnership, saying, “We are excited to support Verdi’s mission of transforming agriculture through sustainable practices. This investment aligns perfectly with our vision of leveraging advanced technology to address global challenges. We look forward to seeing the impact Verdi will continue to make in the agtech space.”

Verdi has revolutionized farm management through its scalable platform that personalizes plant care with advanced data analytics and intelligent device fleets. These technologies integrate seamlessly with existing agricultural infrastructure, such as irrigation systems, transforming them into smart systems capable of precise water and nutrient management.

The follow-on investment by SVG Ventures and NEC X will support Verdi’s ongoing development and deployment of its platform, which is also utilized for diverse agricultural applications including soil health management, open-field climate control, and the development of drought-resilient crops.

“We are grateful for the continued support from SVG Ventures and NEC X as we advance our mission to optimize agricultural productivity and sustainability,” said Arthur Chen,  CEO of Verdi. “This additional investment will enable us to accelerate our technology deployment, expand our reach, and continue delivering significant benefits to our partners and the planet.”

SVG Ventures’ additional investment in Verdi reinforces both parties’ dedication to pioneering solutions that enhance agricultural efficiency and sustainability, ensuring a healthier planet for future generations.

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(For Latest Agriculture News & Updates, follow Krishak Jagat on Google News)

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