How agritech companies lead the way in innovation in Brazil

04/05/2018


Fleury, Coimbra & Rhomberg Advogados

For decades, life on the farm was associated with seclusion and a lack of progress. Not anymore. Algorithms have "invaded" Brazilian fields. Numerous Brazilian farms operate based on big data and the Internet of Things (IoT). Blockchain has also made its way, helping small producers to secure financing for their projects.

Agritechs (agricultural startups) now represent the second-largest market of startups. StartSe, a startups hub, estimates that over 600 agritechs are operating in Brazil. These companies have managed a gross production value of BRL 535.4bn in 2017.

They have drawn the attention of giants like Google and their founders have been invited to study in some of the world's top universities. Mariana Vasconcelos, CEO of AgroSmart, is one such example. She developed an app to control irrigation systems, reducing by 60% the amount of water needed - and NASA gave her a scholarship.

MycoTechnology, a startup that uses mushrooms to remove the bitter taste of food, raised over USD 40m back in March during a Series B funding round.

 

See the news in French here.