A Tasmanian start-up has caught the attention of one of the world’s leading technology suppliers, and the result has the potential to change the face of agriculture in Tasmania and the world.
Europe’s third largest conglomerate the Bosch Group is investing $2.5 million in Tasmanian AgTech business The Yield, to develop their technology and scale it globally.
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.
As a result, The Yield will expand its business from eight employees to around 25, its development process will be accelerated and their products will be in the hands of growers sooner.
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.
Importantly, Tasmanian farmers will be the first to benefit, with The Yield’s products to give many an enormous edge in a very competitive market.
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.
The Yield, which was founded in 2014, is the first global AgTech investment by Bosch, which employs almost 400,000 people globally, with revenue exceeding $100 billion.
As a Government, we too can see the potential for growth and expansion in Tasmania’s agriculture industry. Our Agrivision 2050 plan paves the way to grow the value of our agriculture sector tenfold by 2050.