SVG Ventures|THRIVE and NEC X, NEC Corporation’s Silicon Valley innovation hub and venture studio, announced today that they have partnered to build bridges between agtech entrepreneurial ecosystems and NEC X venture-building capabilities. They will collaboratively identify opportunities for new ventures in agriculture and fast-track acceleration of resulting ventures from NEC X.
The organizations will join forces in venture and ecosystem development with an initial focus on North America. Partnership with SVG VenturesITHRIVE, a global investment and innovation platform, provides access to top tier, sector-focused entrepreneurial talent, particularly from THRIVE’s pre-seed Academy programs and comprehensive founder database. NEC X will also benefit from strategic industry insights derived from the platform and THRIVE team, as well as participate in exclusive ecosystem activities alongside THRIVE portfolio companies and corporate partners.
In this collaboration, NEC X will bring its R&D expertise in various emerging technologies such as artificial intelligence and machine learning (AI/ML), sensors, data analytics, and cloud computing to the agritech venture. They can assist entrepreneurs in implementing advanced solutions like precision agriculture, automated farming systems, crop monitoring and predictive analytics for optimized production and resource management to entrepreneurs in agriculture.
NEC provides a spectrum of technology products and services globally and across a plethora of industry verticals. NEC Corporate participates in the agriculture market with a digital platform solution, CropScope, supporting agriculture operations with AI and data analytics in the global market. In 2018, NEC launched NEC X in Silicon Valley to fast-track technology and business ideas from inside and outside NEC. Operating as a venture studio and open innovation hub, NEC X has announced ten ventures to date, including Beagle Technology, an automated pruning robotics company for specialty crop farming operations, and will leverage this partnership with THRIVE to continue exploration and solution development for underserved needs in the industry.
“NEC and NEC X can bring unique technologies, resources and scale to the agriculture industry,” said John Hartnett, CEO and Founder SVG Ventures|THRIVE. “We are delighted to partner with NEC X to provide new opportunities for entrepreneurs in THRIVE’s ecosystem and jointly innovate to advance the future of food and agriculture.”
“At NEC X, we recognize the growing importance of the agriculture and food industry in addressing global challenges such as climate change and a growing population,” said Shintaro Matsumoto, president and CEO, NEC X. “That's why we're committed to driving innovation in this sector, leveraging our expertise in cutting-edge technologies such as AI/ML, sensors and data analytics technology. By partnering with THRIVE, we're excited to support entrepreneurs in this space and jointly innovate to advance the future of agriculture and food."