Tuesday, 13 October 2020 10:31

Agtech firm raises $267,000 in first week of crowdfunding campaign

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Agtech firm raises $267,000 in first week of crowdfunding campaign Image by Clker-Free-Vector-Images from Pixabay

Australian agtech firm DIT Technologies has raised $267,000 in the first week of its equity crowdfunding campaign, with both investors and locals putting in their money.

DIT makes technology for remote monitoring and water supplementation that can be used to monitor the supplements given to animals on a farm.

It invited people and organisations who were interested to register their interest last month. On Tuesday, it said in a statement it had started the campaign to fund the creation of solutions for food producers, using technology for more economical, sustainable and ethical food production to help feed the growing global population, which is expected to be 9.7 billion by 2050.

“To ensure we have enough food for our global population by 2050, we will need to increase food production globally by 60%. Farming in the future will be all about doing more with less, and at DIT we want to help lead this change," said Mark Peart, the founder and chief executive of DIT Technologies.

"We are already seeing Australian farmers realising up to 15% production gains and 40% cost savings using our technology.

“Since COVID-19, more Australians have come to understand how important food security is and how important Australian farmers are to help us shore up food security, so by investing in DIT Technologies through our equity crowdfunding, Australians can be part of the growth of agtech and help us develop further innovative technology solutions for our food producers.”

Quentin Kennedy, chairman of DIT Technologies, said: “We’re overwhelmed by the positive response to our equity crowdfunding offer and want to thank everyone who has invested so far.

"Our goal is to raise up to $2 million and we still have just over three weeks to go, so we hope that Australians see the benefits of our technology, which is helping farmers farm smarter, and they can help us reach this target.”

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Sam Varghese

Sam Varghese has been writing for iTWire since 2006, a year after the site came into existence. For nearly a decade thereafter, he wrote mostly about free and open source software, based on his own use of this genre of software. Since May 2016, he has been writing across many areas of technology. He has been a journalist for nearly 40 years in India (Indian Express and Deccan Herald), the UAE (Khaleej Times) and Australia (Daily Commercial News (now defunct) and The Age). His personal blog is titled Irregular Expression.

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