River Capital’s fund:AI invests significantly in agri-tech firm Fotenix, supporting its expansion.
- Fotenix, co-founded at the University of Manchester, specializes in digital farming tools.
- The investment will boost Fotenix’s market reach and continue its product development.
- Fotenix uses AI to tackle agriculture challenges, promising increased efficiency and sustainability.
- The firm aims to leverage the UK’s growing AI expertise to support its mission.
River Capital’s fund:AI has made a substantial equity investment in Fotenix, an agritech company. This strategic move underlines the firm’s commitment to advancing agricultural technology through AI development. By strengthening Fotenix’s financial foundation, fund:AI is actively supporting the expansion and refinement of digital farming tools.
Founded as a spin-out from the University of Manchester, Fotenix is known for its digital twin software and proprietary multi-spectral camera equipment. These tools, often integrated with robotics, enable early detection of crop diseases and infestations, directly contributing to improved agricultural yields.
This financial boost is intended to expand Fotenix’s sales and marketing efforts, as well as to enhance its product offerings. Charles Veys, CEO of Fotenix, highlights this investment as a growth opportunity for the company, particularly emphasizing the need for efficient and sustainable agricultural solutions in light of rising pressures on the industry.
David Walters, Investment Director at River Capital, acknowledges the significant social value of Fotenix’s technology, capable of addressing critical global challenges associated with food resources. The company’s AI system plays a vital role in optimizing farming efficiency, which is crucial given the increasing global population demands.
Fotenix’s AI solutions are instrumental in the production of fruits and vegetables available in major UK supermarkets. The recent investment aims to expand this impact by bringing its innovative technology to markets across the UK, EMEA, and the USA.
Fotenix’s collaboration with River Capital signifies a step forward in the application of AI in agriculture, promising enhanced sustainability and resource efficiency.
