The UK Agri-Tech centre has called on investors to keep agricultural technology in mind when choosing areas for investment.
This comes after the UK government’s inaugural investment summit at London’s Guildhall on Monday, October 14.
AgFunder’s latest report stated that investment in agrifoodtech start-ups has reached its lowest figure in six years, down 29% last year from 2022.
Launching the Regulatory Innovation Office last week the UK government hailed the agri-tech sector as an area where technology is growing fast and making a real difference to peoples lives. The UK agri-tech sector offers a world-class science base for projects within engineering biology, space applications, artificial intelligence, and autonomous technology.
The UK Agri-Tech Centre is currently overseeing 85 projects, from start-up to market and leverages a total of £64.4m in direct total support, with much larger anticipated financial impact and benefits to come, if commercialised.
Phil Bicknell CEO of the UK Agri-Tech Centre said: "Today's investment summit is a great opportunity to highlight the UK's enviable innovation sector and to draw attention to the private investment required to help it thrive.
"Technologies such as engineering biology, space applications, artificial intelligence and autonomous technology have all been identified by the UK Government as strategic priorities and could have transformational effects on food production in the UK and abroad, with all the ensuing benefits of economic growth and food security.
"The UK is fortunate to have a very rich agri-innovation R&D ecosystem and is well supported by government and grant-funding which significantly de-risks early-stage test and trial, but the final driver of success is private investment to support scale up and access to the marketplace.
"We are working with numerous, innovative start-ups whose products are game-changing and invite the wider investment community to support our sector’s potential to grow great businesses and create a more sustainable future.”
MORE NEWS|https://www.thescottishfarmer.co.uk/news/24650508.ancient-cattle-breed-introduction-draws-criticism/
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