AGRI-TECH start-up The Yield will increase its staff from eight to about 25 after an investment by European conglomerate Bosch Group.
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The announcement of the $2.5 million funding was made on Tuesday by Premier Will Hodgman, who was joined by Minister for Tourism and International Education Senator Richard Colbeck and representatives from the start-up.
Mr Hodgman said the investment was a major achievement for the company and the state.
“This is a major achievement for a Tasmanian start-up and reinforces Tasmania’s potential to be a global leader, to generate new technology, and deliver highly skilled jobs,” he said.
The Yield uses sensors, data management and apps to create tools for farmers on land and sea which result in improved productivity, reduced compliance costs and greater food shelf life.
“Already several Tasmanian farmers are reaping the benefits through their participation in the development of The Yield, with reports of waste reducing by 20 per cent, water costs by 25 per cent and chemical use dropping by as much as 50 per cent,” Mr Hodgman said.
Senator Colbeck also welcomed the announcement.
“Agriculture is one of five key super-growth sectors that will support our transitioning economy and this technology is giving Tasmanian producers the competitive edge – further improving their global reputation for high quality food exports,” Senator Colbeck said.
The Yield has a number of pilot programs in place that are generating results for its customers and benefits for the environment.
Pooley Wines is reducing loss due to frost by about 60 per cent through accurate monitoring and advanced sensor technology.
Houston’s Farm has estimated that waste from overproduction can be reduced by 20 per cent, they can save 25 per cent on their water costs and half their losses from poor disease spraying simply by using this technology to optimise production.
Barilla Bay Oysters can reduce harvest closure by 25 per cent by using the sensors rather than the current technique, improving productivity and food safety.
Bosch Oceania regional president Gavin Smith was in Hobart for the announcement and led a delegation of Bosch executives on a tour of Tasmania’s agriculture industry earlier this week.
“The Yield's is a leader in developing customer focused solutions that bring together the power of the Internet of Things in agriculture. We will work with The Yield to scale their technology globally,” he said.
The Yield founder and managing director Ros Harvey said the investment would support growth of the company, including more skilled jobs.
“We are experiencing a strong demand for our technology. This investment allows us to bring forward our agriculture solutions including the development of our microclimate sensing system giving growers unprecedented insight into their local growing conditions.”
“Investment from a globally recognised brand like Bosch will be a big help to accelerate development and get our products into the hands of growers around the world.”
The Yield was founded in 2014 and is the first global AgTech investment by Bosch, which employs almost 400,000 people globally, with revenue exceeding $100 billion.
The Yield was founded in 2014 and is the first global AgTech investment by Bosch, which employs almost 400,000 people globally, with revenue exceeding $100 billion.
