May 27, 2024SVG Ventures reaffirms its commitment to sustainable agriculture
SVG Ventures has reaffirmed its commitment to sustainable agriculture by announcing a follow-on investment in Verdi through its Pioneer Fund. Since its initial investment, Verdi has demonstrated progress by tackling pressing agricultural challenges in the nut, fruit and wine sectors.
Verdi’s technology has not only increased marketable yields by 10% but also reduced water and fertilizer usage, achieving up to 60% water savings and 10% less fertilizer usage. This efficiency boost has resulted in saving over 30 million liters of water in 2023, up from 7 million liters of water saved in 2022.
“Verdi is leading the charge in tackling the critical agricultural challenges brought about by climate change. Our decision to increase our investment reflects our confidence in Verdi’s technology and its ability to significantly enhance crop yields and efficiency for farmers globally,” said John Hartnett, CEO of SVG Ventures.
In addition to SVG Ventures, NEC X, a corporate partner of SVG|THRIVE, has also invested in Verdi in this round. The introduction to Verdi was made at THRIVE’s accelerator demo day in Calgary during Stampede 2023.
NEC X is a venture arm of NEC Corporation focused on fostering innovation in technology sectors, and this marks their second investment in a Canadian company.
Verdi has improved farm management through its scalable platform that personalizes plant care with data analytics and intelligent device fleets. These technologies integrate with existing agricultural infrastructure, such as irrigation systems, transforming them into smart systems capable of precise water and nutrient management.
The follow-on investment by SVG Ventures and NEC X will support Verdi’s ongoing development and deployment of its platform, which is also utilized for diverse agricultural applications including soil health management, open-field climate control and the development of drought-resilient crops.
“We are grateful for the continued support from SVG Ventures and NEC X as we advance our mission to optimize agricultural productivity and sustainability,” said Arthur Chen, CEO of Verdi. “This additional investment will enable us to accelerate our technology deployment, expand our reach, and continue delivering significant benefits to our partners and the planet.”
For more information, visit verdiag.com.
