2024-10-29

Sopoong Ventures held a specialized AgriFood Demo Day in Seoul, featuring a variety of AgriTech startups, from seed-stage to Series A-funded companies, showcasing their technological capabilities and sharing business outlooks.

The event, held at the Seongam Art Hall in Gangnam, Seoul, was organized by the National Agricultural Cooperative Federation (NACF), the Korea Agricultural Technology Promotion Agency, and Sopoong Ventures' open innovation program "NHarvest X" in collaboration with Impact Earth.

During the Investor Relations (IR) pitching session, numerous early-stage startups participated. In Track 1, startups that expanded from other industries to the agricultural sector shared their developments. Thoth, a company specializing in AI-driven robotics for electric vehicle battery disassembly automation, proposed the introduction of its automation technology to agri-food logistics centers. Thoth recently secured Series A investment worth 5 billion KRW.

Seoul Dynamics, a company developing custom robots, also proposed using transfer robots in agricultural logistics centers. Seoul Dynamics secured 2.3 billion KRW in pre-A investment. Meanwhile, Greenepl, a company specializing in bio-based new materials as alternatives to plastics, recommended eco-friendly packaging for agricultural products. After raising seed funding, Greenepl is preparing for pre-A funding, aiming to secure 600 million KRW.

Atad, a data utility agent startup that raised 1 billion KRW in seed investment, presented a strategy to enhance operating profits in agriculture using farm financial and climate data. Atad is currently seeking pre-A investment, targeting 3 billion KRW based on a 20 billion KRW valuation.

In Track 2, AgriFood tech startups presented their innovations in agriculture through AI, data, new materials, and new business models. Metafarmers, an AI-based agricultural robotics solution, has already raised seed funding. Age Robotics, an AI autonomous farming robot startup, raised 300 million KRW in seed funding and is now aiming to secure 1 billion KRW in pre-A investment.

EV & Solution, a cold chain electric truck startup that supplies electric trucks to Coupang Fresh and Kurly, has surpassed 5 billion KRW in cumulative investment. "Sikhhan," a startup aiming to solve food export challenges through AI-integrated cold chain batching optimization solutions, plans to raise 600 million KRW in pre-A funding.

EcoGear, a company developing eco-friendly nano-coating technology for agricultural products, has yet to secure seed investment but is targeting 300 million KRW through seed funding from individual investors. Entek Bio-S, a company with a low-methane feed manufacturing solution, raised 700 million KRW in seed funding and plans to raise 2.2 billion KRW in pre-A funding. Entek Bio-S is currently pursuing Series A bridge funding.

Lastly, Hanbat IoT, a startup specializing in non-destructive vision AI quality inspection technology, has not received investment yet. Hanbat IoT has revolutionized the traditional egg quality inspection method through vision AI-based video analysis systems. The startup aims to raise 6 billion KRW in Series A investment, as it is currently in the mass production stage without prior seed funding.

Source: The Bell - Korea's Leading Capital Markets Media