JCorp to invest US$1.7mil into Singapore agritech, Archisen
By Digital News Asia November 14, 2023
- JCorp’s FarmByte to deepen partnership with Archisen for vertical farming
- Develop vertical farms that will supply produce to Malaysia and Singapore
FarmByte Sdn Bhd, a digital-first agrofood company within the Johor Corporation (JCorp) Group, signed a Heads of Agreement (HOA) with Archisen Pte Ltd, an agritech company based in Singapore, proposing a FarmByte investment of RM8.2 million (SG$2.4 million) into Archisen and the establishment of an automated vertical indoor farm through a joint venture in Johor, Malaysia.
The investment was signed on Nov 13 at the Asia Pacific Climate Week (APCW) gathering in Johor. The parties earlier inked an MoA in Aug.
The joint venture will develop vertical farms that will supply produce to Malaysia and Singapore. FarmByte will provide the farming infrastructure and critical local market insights, while Archisen will supply the technical knowledge on indoor farming practices, including the use of automation systems and data analytics. Additionally, Archisen will facilitate comprehensive training for FarmByte’s employees.
Established earlier this year as part of the JCorp Agrofood Strategic Plan, FarmByte was created to enhance Johor and Malaysia’s food security agenda. Adopting a digital-first strategy, FarmByte aims to transform the agrofood sector by integrating the ecosystem and elevating the livelihoods of farmers with the production of high-quality produce.
“We are excited to advance our collaboration with Archisen, underscoring our dedication to a digital-first approach in revolutionising Malaysia’s agrofood sector. Our joint efforts will bolster vertical farming capabilities in Johor, leveraging the expertise of an established partner in urban solutions to guarantee food resilience for the country and beyond. The HOA represents another significant milestone in propelling Johor’s agrofood sector toward a more food secure future,” Syed Aiman shared.
Emphasising what the investment means for both companies, CEO of Archisen Pte Ltd, Vincent Wei said, “Through technology, we can optimise food production using fewer resources, enhancing our food resilience while minimising our environmental impact. We are thrilled to collaborate with FarmByte, which shares our commitment to improving farming efficiency through innovation and technology. Together, we hope to bring the advantages of vertical farming to Johor and Malaysia, contributing to the region’s food security and sustainable living.”
The APCW is an annual gathering that brings together leaders from governments, businesses, international organisations, and civil society with the goal of exploring strategies to reduce greenhouse gas (GHG) emissions and adapt to the increasing impacts of the climate crisis. The 2023 gathering is hosted by the Government of Johor at the Persada Johor International Convention Centre from 13th to 17th Nov. The event is jointly organised by the United Nations Framework Convention on Climate Change (UNFCCC), the United Nations Development Programme (UNDP), the United Nations environment Programme (UNEP), and the World Bank.
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