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Temasek co-leads $14m round of SG agritech firm Rize

Rize, a Singapore-based agritech startup, has secured US$14 million in a series A funding round co-led by Breakthrough Energy Ventures, GenZero, Temasek, and Wavemaker Impact.

The company plans to use the funds to boost its presence in other markets like Indonesia and Vietnam. It also aims to increase its team of agronomy experts to over 100.

Rize’s platform gathers key agricultural information needed for sustainable farming. By consolidating data on farm performance and crop yields, the company helps rice farmers adapt to climate change, improve their crops, and reduce expenses and water consumption.

The agritech firm focuses on alternate wetting and drying (AWD) as well as direct seeding rice (DSR) to save water and reduce methane emissions without compromising the harvest. AWD is a water-saving technique in rice farming that alternates between flooding and drying the field, while DSR is a method of directly sowing rice seeds into the field, eliminating the need for transplanting seedlings.

According to data from the World Bank, rice farming is currently responsible for 10% of global methane emissions and as much as 33% of Southeast Asia’s methane emissions. Meanwhile, data from the International Rice Research Institute shows that the rice industry accounts for over a third of the global irrigation water usage.

Another Singapore-based firm in this space is DayaTani, which secured US$2.3 million in new funding in January this year. The company mainly focuses on Indonesia, helping local farmers enhance yields.

https://www.techinasia.com/rize-secures-14m-funding-to-bring-change-to-asian-rice-farming QR Code

Published Date: May 10, 2024

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