Agrome IQ, Brunei-based agritech company, announced that it has received a six-figure investment from Singapore-based Cerana Capital, as reported by The Scoop. Agrome IQ said that it will use the investment to help expand its team and presence in Southeast Asia as well as put money towards product development.
Founded in 2017, Agrome IQ supports digitisation of farm management through a mobile application. Agrome IQ operates as an agricultural business intelligence company by providing data analytics to farmers to improve production.
Founder and CEO Dr. Vanessa Teo said that the company will set up their base in Singapore, focussing on growth in the Malaysian and Indonesian markets.
“With the investment from Cerana Capital, we now have the capability to reach out to 50 different distributors in Singapore that would buy farmers’ products on our platform,” Teo said, emphasising the ecosystem creation for the farmers and their market.
Cerana Capital is an investment firm based in Singapore with a focus on growing Southeast Asian companies.
The startup on Friday also announced the appointment of a new chief technology officer, Michael Knott.
Teo said the second version of the app will be launched in two months and will enable “community-driven decision making for farmers” within similar geographic regions.