Aberystwyth based agri-tech firm Agxio has secured £750,000 in an investment round to support the development of its advanced data science and artificial intelligence solutions across the UK.
The money comes from a mix of existing investors and the Development Bank of Wales plus match funding from new professional investors.
Founded in 2018, Agxio applies advanced automated machine learning to bring science and technology to the fore of the agricultural, life sciences and biotech industries.
The firm has developed a number of products that integrate into a single platform.
Its technology includes yield optimisation, sensor networks and monitoring, real-time field mapping, crop selection, livestock health monitoring, predictive disease monitoring, sustainability metrics, drone analytics, and bio-tracking.
Based at the Aberystwyth Innovation and Enterprise Campus, and the Cambridge Science Park, the company is already expanding its award-winning team with the recruitment of five additional technologists, data scientists and researchers.
Agxio chief executive and co-founder Dr. Stephen Christie said: “We are delighted to be working with the Development Bank of Wales who was always our preferred key strategic partner for the company and our plans in Wales.
“Wales is a world leader in both farming and technology. We aim to bridge both of those skills to create innovation in the food supply chain both domestically and internationally.”
Andrew Critchley, investment executive for the Development Bank of Wales, said: “Agxio is an innovative technology business at the forefront of the agri-tech sector.
“The combination of cutting edge technology and a highly experienced management team means that the business has an exciting future ahead.
“The development bank’s equity investment from the Wales Technology Seed Fund will give them the potential to harvest the vast benefits that machine learning and data science can bring.”
