Telecommunications company Telstra has invested $2 million in agricultural technology start-up Farmbot, the third investment and the latest contribution to help farmers manage their resources.
Farmbot chief executive Andrew Coppin said the investment will help the company build momentum both domestically and overseas.
“Farmbot is in a period of strong growth, with 2022 seeing the launch of new products, including diesel and liquid fertilizer monitoring, to enable better management and control of on-farm assets. Overall product sales have increased 103% in the past 12 months and export opportunities have begun with an imminent US launch,” said Coppin.
“As of today, we are helping to oversee the water infrastructure of businesses with around 10 million beef cattle and 15 million sheep across Australia,” Coppin added.
“This latest investment will help us build on that and meet our growth plans to provide more innovative solutions, local jobs and expand our customer base across Australia while exporting Australian technology to the United States.”
Coppin noted that the company’s goal is to create efficiencies such as improved water management to reduce waste and emissions for farmers around the world.
Luke Harwood, chief innovation officer and managing director of Telstra’s investment arm, said this latest investment aligns with the company’s commitment to supporting connectivity and innovation in rural areas of Australia.
“Maximizing connectivity and digital innovation in rural and regional Australia is a high priority for us. Investments like this will also help realize the National Farmer’s Federation’s vision of seeing on-farm production reach $100 billion by 2030,” Harwood concluded.
This first appeared in the CommsWire subscription newsletter on December 9, 2022.
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