Vertical farming startup Algafarmtech secures first institutional investment

Smart-farm vertical farming startup Algafarmtech announced on the 25th that it had secured its first institutional investment from Awesome Ventures. The investment amount was not disclosed.

Algafarmtech develops and operates plant factory systems based on ultra-high-density cultivation (UHDC) technology, which delivers three times the productivity per unit area of conventional vertical farms. Recognized for its technology and operational expertise, the company was selected as the facility supplier for H-Clean Farm, an indoor plant factory developed by Hyundai E&C for apartment residents’ on-site consumption. It is currently operating on a pilot basis at the Yangjae Hillstate Gallery. In August, Algafarmtech completed a 40,000-plant vertical farm in Anseong, Gyeonggi Province, and began shipping crops this month, providing a stable supply of seven tons of vegetables per month. The company continues to invest in R&D, including recently securing a patent for a “portable seeder,” and has expanded its in-house research institute.

“We have consistently invested in R&D to secure core technologies and related patents, and we operate our own smart-farm vertical farms to improve our systems and build expertise,” said Algafarmtech CEO Cho Han-mok. “Customers adopting our smart-farm vertical farming systems can operate reliably without trial and error because they use systems we have tested ourselves. We will continue to develop solutions for the future of agriculture in response to environmental changes.”

An Awesome Ventures representative said, “As interest and investment in smart farming grow amid recent climate and environmental changes and rising demand for safe, clean food, we expect Algafarmtech, with its strong technology and operational expertise, to grow rapidly.”

Algafarmtech: https://www.algafarmtech.com/https://www.algafarmtech.com/