A Switzerland-based venture capital and technology firm, known for its support of the Hedera blockchain network, has made a significant investment in agritech company AgNext Technologies.
Details from a recent announcement indicate that this partnership will enable the Hedera (HBAR) blockchain network to enhance AgNext’s expanding suite of AI-powered agricultural solutions.
This investment marks the firm’s entrance into AgNext’s fundraising efforts, which are being led by Novo Holdings from Denmark, but it also represents an important step in the integration of the Hedera blockchain ecosystem.
Specifically, AgNext plans to utilize Hedera’s distributed ledger technology to create digital trust within the supply chain environment, particularly focusing on insurance and traceability within food supply chains.
“Through this strategic co-investment with Novo Holdings, we are eager to begin our technological partnership with AgNext to merge AI with Blockchain/DLT, and jointly introduce Hedera-enabled AgriTech solutions that will bolster AgNext’s competitive position in the web3 landscape,” stated the co-founder and CEO of the venture capital firm.
AgNext is set to leverage Hedera’s blockchain capabilities and smart contracts to ensure immutability and heightened efficiency.
Both the venture capital firm and AgNext share goals concerning a project aimed at Hedera-integrated embedded devices, which will be accessible to customers worldwide through a new web3 initiative to be established in Switzerland.
AgNext previously secured $21 million in Series A funding back in 2021, with Alpha Wave Incubation taking the lead on this financial round.
The company operates in India, the Middle East, and the United States, with its inaugural international office launched in Abu Dhabi, UAE.
Meanwhile, Hedera is gaining notable momentum in the tokenization of real-world assets, facilitated by partnerships with entities like Chainlink and Alchemy Pay for seamless fiat-crypto transitions.