Total funding amount is $17 million which will be used to fund commercialisation and continued development the technology
Hico Capital, a subsidiary of SK networks based in US, has invested in a US AgTech startup. SK networks has announced on June 30(CDT) that the company will invest $4 million, via Hico Capital, its US investment subsidiary, in the Series A round for tractor automation solution provider, Sabanto (based in Chicago, Illinois, USA). Total funding amount is $17 million which will be used to fund commercialisation and continued development the technology.
Sabanto is a startup offering an automation solution for farming tractors and differentiates itself from competitors by delivering an automation solution deployable in conventional tractors currently in operation. In addition, as the solution is offered as an open platform, it is compatible with most of the tractor brands.
Hico Capital has made its investment decision based on the considerable growth potential of AgTech industry as well as Sabanto’s differentiated technologies. The US agriculture industry faces a series of challenges including aging farmers, shortage of labour, and rising costs, which have prompted the government and the market to consider automation technology as a possible solution.
Samuel Kim, Managing Director at Hico Capital commented, “The AgTech industry is one of the fastest growing sectors in the United States, and Sabanto’s automation tech offerings will not only boost the operational efficiency of tractors but also contribute to the sustainability in agriculture.”
