Up until now, Adelaide-headquartered startup Cropify has been bootstrapped by its co-founders. But a new fundraise will accelerate the commercialisation of the technology domestically and set the company up to export its expertise.
The process of grading grains may become a lot more efficient, thanks to Australian startup Cropify. The Adelaide-headquartered firm is using AI to grade grains, enabling grain handlers and marketers to maximise accuracy and precision.
“Having spent 25 years in the grains industry, I’ve witnessed firsthand the immense challenge in grain grading—a process that’s not only tedious and time-consuming but also highly subjective,” says Andrew Hannon, the co-founder and COO of Cropify.
“Our AI-powered solution is designed to revolutionise this, offering a faster, more accurate and objective approach that can be adopted worldwide,” says Hannon.
That mission was given a boost last week thanks to a $2 million raise corner-stoned by VC firm Mandalay Ventures and Singapore’s Hatcher+ which contributed $850,000.
“This funding serves as a powerful endorsement of our technology and the critical challenges we’re addressing,” says Cropify co-founder and CEO Anna Falkiner.
It is the first time the company has undertaken a significant fundraising round. The co-founders have bootstrapped the business for five years.
“Cropify has been a labour of love since we launched in 2019, funded entirely from our own pockets. With this funding round, we’re excited to build out our team and accelerate our plans to bring our technology to the Australian market by 2025,” says Hannon.
Once launched locally, the AI-driven approach to grain grading can be scaled internationally.
“We’re confident that our innovation will not only revolutionise the industry locally but also have a profound global impact, and our investors clearly recognise this potential,” says Falkiner.
Developing the technology in South Australia, on the renowned Lot Fourteen in Adelaide, is something the CEO is proud of.
“Australian grain growers are highly entrepreneurial, and it’s this mindset that positions Australia to become a leader in agriculture. I believe that the growers and business owners who embrace technology to enhance efficiency will be the ones who thrive in the future. Those driven to continuously seek out efficiencies and optimize both their businesses and the supply chain will flourish, especially amid changing economic and climatic conditions,” says Falkiner.
Mark Gustowski is the managing partner at Mandalay Ventures, which has offices in both Queensland and Victoria.
“This investment forms part of the Mandalay Fund mandate to invest in the most exciting agritech businesses across Australia and globally. With direct investment from the Queensland Government through the Queensland Investment Corporation and support from LaunchVic’s VC Support Program, Mandalay continues to build its position across Australia’s growing agrifood tech sector,” says Gustowski.
Singapore’s Hatcher+ also invested in the raise. The two firms are interested in co-investing in on-farm technologies, farm gate solutions, supply chain innovations, and point-of-sale advancements.
“This partnership with Mandalay aligns perfectly with our vision of using advanced technology to drive impactful investments. By integrating our Funds as a Service technology platform with Mandalay’s sector-specific expertise, we can offer unparalleled support to startups and create a more sustainable, resilient, and equitable food system,” says John Sharp, the managing director of Hatcher+.
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