Leading global technology company, Bosch will invest in Australian Agtech start-up company, The Yield to deliver new sensing technology aimed at addressing key challenges in agriculture
The Yield has been developing wireless sensors which allow better crop and harvest decisions to be made using real-time data analytics easily accessed on growers’ mobile devices
Founded by national agriculture IT expert Ros Harvey, The Yield has raised $1.7 million in funds so far to develop the first application of its novel technology.
With the further aid secured from Bosch and an Accelerating Commercialisation grant of close to $1 million from the Federal Government, the Tasmanian-based start-up will release the first of its patented solutions in the coming months.
The Yield’s new application uses web based systems and data analytics to reduce unnecessary harvest closures, improve labour scheduling and food safety tracking such as in the Oyster industry, where unnecessary closures cost the industry millions of dollars a year and tidal factors complicate labour requirements.
The Yield Managing Director Ros Harvey says her company observed the stagnation of productivity improvement in agriculture for decades but that the key to unlocking the next wave of improvements lies in digital technology.
“We know Big Data analytics can help improve productivity throughout the entire food value chain,” Harvey says.
“The benefits can extend to growers, wholesalers and retailers and also to government food regulators.
“We intend to develop our solutions in Australia and then aggressively scale globally. The partnership with Bosch is an important part of that strategy.”
Harvey says working with Bosch, one of the world’s leading technology and services companies, The Yield will aim to bring further innovative managed web-based solutions to market that address key problems in agriculture and aquaculture.
“The Yield uses platform technology, which means we design our technology so we can rapidly pivot into adjacent industries,” Harvey says.
“We are delighted to have Bosch on board as an investor. Bosch’s global reach and commitment to innovation makes it an ideal strategic partner.
“Just as important is the engineering and manufacturing capabilities in Bosch’s Australian subsidiary.”
Robert Bosch Australia President Gavin Smith says the company’s investment in The Yield is part of the local Bosch subsidiary‘s diversification strategy.
“The Yield’s innovative managed solutions could be the next big thing to lift Australia’s agricultural productivity, combining Big Data analytics with grass-roots farming know-how,” he confirms.
“That we can apply the engineering and manufacturing capability built up in our local automotive component business to this new endeavour demonstrates the significant capability existing in the automotive sector that can be applied more broadly.
“Bosch is very excited about the prospects for this unique collaboration.”
Other investors including the National Farmers Federation and Rabobank add they recognise enormous potential to develop AgTech in Australia to grow productivity and knowledge-intensive exports with big data and algorithms possibly creating about ten billion dollars in crop value each year for farms worldwide.