A Melbourne AgTech spinout that can dynamically space growing vegetables to increase leafy green yields by 40 per cent has secured $1 million in seed funding from La Trobe University and Breakthrough Victoria.
Founded in 2020, Gaia Project Australia has already caught the eye of NASA for its technology’s potential to grow food on long space journeys.
But its biggest impact could come on Earth in the shift to shift to Controlled Environment Agriculture by being able to increase sustainable crop yields in limited agricultural land.
The tech was developed by the startup in partnership with researchers at La Trobe University, which is investing $500,000 in Gaia Project Australia from a new pre-seed investment Eagle fund.
Breakthrough Victoria, the company managing the state’s $2 billion VC fund, is matching the $500,000 through its $100 million University Innovation Platform for research commercialisation.
Breakthrough Victoria and La Trobe’s Eagle Fund totals $18 million and is available to early-stage funding for researchers and start-up companies seeking to commercialise the university’s intellectual property.
Another $1 million from the fund has gone to biotech spinout ExCelligent, which is developing a blood-based diagnostic platform that enables early and accurate detection of Alzheimer’s, Parkinson’s and other neurodegenerative diseases.
“The La Trobe University Eagle Fund offers industry partners a valuable opportunity for strategic collaborations that bridge the gap between research and commercialisation, unlocking access to top-tier research, talent and funding opportunities to drive industry growth,” La Trobe vice-chancellor Theo Farrell said.
Gaia Project’s Eagle funding is part of a $1.7 million raise that includes Mandalay Venture Partners and LaunchVic’s Hugh Victor McKay Fund.
The startup is now preparing to deploy its tech into projects in Australia, India and Sri Lanka.
The company says its flagship Omni-System technology can increase yields of salad greens by up to 40 per cent at lower costs than traditional indoor farming systems.
“Our mission is to provide growers with the latest, easily adoptable, cost-efficient technology for sustainable success, by delivering consistent, predictable, highly efficient yields,” GPA Chief Executive Officer Nadun Hennayaka said.
“Ultimately, sustainable and profitable growers lead to a steady supply of affordable, fresh produce for consumers.”
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