Agritech, or agtech, is a term covering the various ways that modern technology is changing the world of farming and food processing – from drones and data analytics to hydroponics and cultured meat.

Findex, an Australian provider of financial advisory and accounting services, has partnered with the Australian Agritech Association as “agrictech” continues to expand.

While still a young sector, agritech’s growth potential on a national and international level should not be underestimated and value should be placed on a better understanding of the existing impact of the agritech ecosystem, Findex said in a statement yesterday. 

Agrictech, short for agricultural technology, is a field in which technology is used to produce more food with fewer resources and make farming more efficient. (Arguably this is nothing new – the use of farm machinery, for example, goes back to the invention of the plough, tractor and reaper-binder harvester.)

With the pandemic and Russia’s invasion of Ukraine disrupting global food supplies, there is heightened awareness that agriculture needs more capital investment – in new techniques for instance. (See an article here.)

“Findex has a long history of supporting innovation in the tech and startup sectors. In 2016 we founded Australian AgTech accelerator, SproutX, to support agritech startups through accelerator and pre-accelerator programmes. Since then, SproutX  has helped agritech startups generate over $17 million in revenue and raise more than $15 million in venture capital,” Chris Carey, chief growth officer for Findex, said. 

Agritech covers areas using technologies that produce food in different ways using new methods, such as hydroponics, algae hydroponics, seawater farming and desert farming. There are technologies that convey food produce to consumers and make processes more efficient, such as genetic modification, cultured meats and urban faming, while increasing efficiencies in the food chain. New technologies used in various sectors can also influence farming and food processes, such as drones, data analytics and AI.