River Capital’s fund:AI has invested in agritech firm Fotenix, marking a significant step for the industry.
- Fotenix, a spin-out from the University of Manchester, is known for its innovative digital twin software.
- The investment is aimed at enhancing Fotenix’s sales and product development initiatives.
- Fotenix’s technology aids in early detection of crop issues, thereby improving agricultural yields.
- The investment reflects the growing importance of AI in tackling agricultural challenges.
River Capital’s newly established fund:AI has shown its confidence in agritech by investing a considerable sum into Fotenix. This move showcases the potential of AI-driven solutions in addressing some of the pressing issues faced by modern agriculture.
Fotenix, originating from the University of Manchester, has developed cutting-edge digital twin software and patented multi-spectral cameras. These technologies, often integrated with robotics, allow farmers to detect early signs of crop diseases and infestations. This proactive approach to agriculture helps in safeguarding crops and enhancing productivity.
The capital injection will be directed towards boosting Fotenix’s sales and marketing efforts, alongside further product development. Dr Charles Veys, CEO of Fotenix, emphasises the critical nature of this funding, stating, “This investment represents a crucial phase for Fotenix as we aim to expand our influence from our North West base.”
Dr Veys highlighted the increasing pressure on agriculture and Fotenix’s role in addressing these challenges. By expanding its reach, Fotenix intends to bring data-driven agricultural solutions to a broader audience, helping farmers cut costs and improve sustainability practices.
David Walters, Investment Director at River Capital, expressed enthusiasm over their fifth investment in Fotenix. He believes that Fotenix’s technology can provide vital support in managing global food resources amidst rising population pressures. The use of Fotenix systems in UK supermarkets underlines its practical application in enhancing food production efficiency.
The investment in Fotenix underscores the vital role of AI technology in modern agriculture.
