FarmByte, an agrofood company signed a Heads of Agreement (HOA) with Archisen, a Singaporean agtech. Both companies exchanged the signed HOA, proposing a FarmByte investment of ~MYR 8.2 million (SGD 2.4 million) into Archisen and the establishment of an automated vertical farm through a joint venture in Johor, Malaysia.
The joint venture will develop vertical farms that will supply produce to Malaysia and Singapore. FarmByte and Archisen will combine their resources, technical expertise, and network to achieve this goal.
“We are excited to advance our collaboration with Archisen, underscoring our dedication to a digital-first approach in changing Malaysia’s agrofood sector. Our joint efforts will bolster vertical farming capabilities in Johor, leveraging the expertise of an established partner in urban solutions to guarantee food resilience for the country and beyond. The HOA represents another significant milestone in propelling Johor’s agrofood sector toward a more food-secure future,” Mr. Syed Aiman shared.
Emphasizing what yesterday’s agreement meant for both companies, Mr. Wei stated, “Through technology, we can optimize food production using fewer resources, enhancing our food resilience while minimizing our environmental impact. We are thrilled to collaborate with FarmByte, which shares our commitment to improving farming efficiency through innovation and technology. Together, we hope to bring the advantages of vertical farming to Johor and Malaysia, contributing to the region’s food security and sustainable living.”
The document exchange, witnessed by the Menteri Besar of Johor, Datuk Onn Hafiz Ghazi, and the Minister of Natural Resources, Environment and Climate Change, YB Nik Nazmi Nik Ahmad and Manager, Programmes Coordination at UNFCCC, Niclas Svenningsen, was conducted by CEO of FarmByte Sdn Bhd, Mr Syed Aiman Kifli Syed Jaafar, and CEO of Archisen Pte Ltd, Mr Vincent Wei, at the Asia Pacific Climate Week (APCW) gathering in Johor.
FarmByte will provide the farming infrastructure and critical local market insights, while Archisen will supply the technical knowledge on indoor farming practices, including the use of automation systems and data analytics. Additionally, Archisen will facilitate comprehensive training for FarmByte’s employees.
This exchange follows the signing of a Memorandum of Understanding in August 2023, which formalized the collaboration to establish this groundbreaking joint venture in urban farming.
Established earlier this year as part of the JCorp Agrofood Strategic Plan, FarmByte was created to enhance Johor and Malaysia’s food security agenda. Adopting a digital-first strategy, FarmByte aims to transform the agrofood sector by integrating the ecosystem and elevating the livelihoods of farmers with the production of high-quality produce.