South Korea is home to several Agtech startups (agriculture tech startups) that are transforming the agriculture industry in Korea. These startups are working on innovative solutions to address some of the most pressing challenges faced by the agriculture industry today. According to the United Nations’ Food and Agriculture Organization, the world population is expected to reach 9 billion by 2050, implying a need for 70% more global food production. Therefore, Agtech startups in South Korea have a huge opportunity to go global and enter new markets. Agricultural producers in Korea are struggling in several ways. This includes labor shortages, land management inefficiencies, production costs, food waste, and disconnected consumers demanding transparency into the source of their meals.
These Agtech startups are changing the agriculture industry in Korea for the better. Moreover, they are developing innovative solutions that can help farmers to improve their yields and save money. The future of the agriculture industry in Korea is bright thanks to these startups and the potential of these startups goes beyond the South Korean market.
Green Labs
Green Labs is pioneering smart farming utilizing IoT and cloud technologies. The Agtech startup deploys precise farming equipment systems and offers a cloud-based monitoring and management service for the environment. They are the creators of Farm Morning, an app that employs AI to aggregate reliable information. In addition, it provides more than 500,000 farmers with insights into the crop lifecycle. They are also the creators of Sinsun Market. Sinsun Market is a B2B fresh produce marketplace for over 10,000 business buyers.
From 2014 to 2020, Green Labs focused on creating smart farming technology and equipment. Since 2021, the firm has expanded to China and Vietnam, where it specializes in smart farm technologies, and will soon extend its operations across other foreign nations. Moreover, Green Labs is funded by BRV Capital Management, Skylake Incuvest, Hashed, SK Square, and others. On January 20th, 2022, Green Labs raised $140 million in a Series C round. To date, Green Labs has raised $168.1 million in funding. The startup is valued at approximately $700 million.
Green Labs Acquire Agtech Startup RUNean
In early 2021, Green Labs acquired Agtech startup RUNean the creators of Vhows. Vhows is a one-stop farm design and quotation automation platform. Vhows has established a database of all agricultural goods in South Korea. Furthermore, it has developed an algorithm to automate farm construction projections. As well as offer standardized services for planning and estimating farms in South Korea.
GINT
Agtech startup Gint has obtained the electronic control integrated platform’s scientific intellectual property, which is a crucial technology for self-driving tractors, and it is now working with local companies to market it. It has also established a task-integrated control platform for tractors that are tailored to cultivate a range of field crops. Moreover, the Korea Credit Guarantee Fund (KODIT), a credit guarantee fund launched in 2018, selected GINT as the “First Penguin Company”.
“We will actively strive to enhance the national competitiveness of Korea’s agriculture by continuously securing convergence technologies that can increase crop production in the agricultural technology sector,” said the CEO of Gint, Kim Yong-hyun.
E GREEN GLOBAL (EGG)
After years of research and development, an Agtech startup E GREEN GLOBAL (EGG) developed to produce “virus-free” seed potatoes fast. INRA has been working with the startup to document its processes. As well as develop a detailed report that can be used by other researchers in the future. Moreover, the Agtech startup aims to become a worldwide market leader for seed potatoes through innovative production and supply chain management methods. Milling technology is already considered the gold standard in seed potato processing. Therefore, it ensures that your seeds dry quicker and can last for a longer period after being wetted. This allows them to be stored without spoiling from moisture.
EGG’s long-term mission is to create a new, more efficient agricultural system. A system that works in harmony with nature and has the potential to feed everyone on earth. Therefore, to accomplish this goal, EGG must first establish global dominance in organic produce production. The fresh cash will go toward expanding its manufacturing facilities and increasing investment in biotech resources, and smart farming. Furthermore, the startup also entered into a $92 million contract to export seed potatoes to customers in the United States and China.
EGG has secured US$9.2 million in funding from venture capital fund YD-SK-KDB. It was established by SK Group, Korea Development Bank, and venture capital firm Yellowdog.
