A multi-million dollar fund has been launched to help develop cutting-edge technology for Australia’s grains industry.
Established by the Grain Research and Development Corporation (GRDC) the $50 million GrainInnovate fund will invest in start-up businesses that boost technology in the grain industry.
GrainInnovate will target improvements in genetics, grain technologies and storage.
“This will help turn grain-growing into a high-tech science,” said Agriculture Minister David Littleproud.
“GrainInnovate will look for start-ups to boost our production of the worlds-best grains, he said.
“Some of this technology will detect changes in growing conditions and give farmers the information needed to keep their grain healthy.
“GrainInnovate will also invest in renewables, crop protection technologies, and water and nutrient use efficiency.
“This fund brings business on board to make the most of grain R&D.”
Key to the future
Mr Littleproud said R&D is the key to growing Australia’s agriculture industry to $100 billion in farm production by 2030.
“This investment will see the grains farming support more high-tech jobs and regional industry,” he said.
The fund has been made possible through $50 million raised by Artesian Venture Partners, a leading global alternative investment management company. It includes a $25 million investment from GRDC.
“It is an important and innovative step forward in co-funding between GRDC and the private sector, to encourage R&D collaboration,” Mr Littleproud said.
Government and industry invest more than $800 million annually in rural research and development corporations. More than $300 million was matching government funding.
GRDC is one of the world’s leading grains research organisations. It oversees R&D to improve production, sustainability and profits in the Australian grains industry.
It also provides access to an extensive network of innovators in Australia’s grain industry.