Israel is enjoying a resurgence of agricultural and food tech innovation, grabbing the attention of the world’s largest multinationals in the field, a new report has revealed.
According to data published by non-profit Start-Up Nation Central,
the country’s agri-food tech sector is taking advantage of scientific advances
and quickly gaining momentum in its efforts to disrupt global food production.
In 2018, agri-food firms secured $103 million in equity investment, putting Israel on par with, and even exceeding, far larger countries including Australia and India. Funding records have already been broken again this year, with investments reaching $115m. by September. Companies including DouxMatok, Aleph Farms and Fieldin have led the largest investment rounds.
Israel is well-known for its “first wave” of agricultural innovation, notably the invention of drip irrigation to overcome the country’s arid environment, and the development of cherry tomatoes. Irrigation company Netafim, dairy cow monitoring developer SCR and flavor firm Frutarom are just some of the leading Israeli companies that have become synonymous with agricultural technology.
The new generation of agri-food tech companies, dubbed a “second wave” of agricultural innovation by Start-Up Nation Central, is based on big data analysis, sensors, biotech and robotics. Innovative solutions often focus on smart yield management, pathogen control and alternative food sources – notably for animal protein and sugar consumption.
Responding to the second wave of growth in the agri-food tech sector, representatives from the world’s largest food and agriculture multinationals participated in Israel’s AgriFood Week, that was held recently in Tel Aviv.
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