TechBrew Robotics, a startup addressing the labor-intensive challenges of the mushroom industry, is proud to announce a significant milestone in its journey. The company is rebranding as 4AG Robotics (pronounced "Forage") and has secured $17.5 million in equity financing to accelerate the development and deployment of cutting-edge robotic solutions for mushroom harvesting. This transformative financing round is led by BDC Capital's Industrial Innovation Venture Fund and InBC Investment Corp. (InBC), with participation from Emmertech, Jim Richardson Family Office, Lex Capital, and a series of angel investors from across Canada. This investment marks the first direct investment into a company from InBC, a public fund with $500 million to invest.
4AG Robotics stands at the forefront of addressing the most critical challenge in the mushroom industry – the intensive labor required to harvest mushrooms. Mushrooms thrive in dark and humid environments, astonishingly doubling in size every 24 hours. Their delicate nature, even more fragile than tomatoes, poses a formidable challenge for automation when it comes to tasks such as picking, trimming, and packing. The mushroom sector, managed by innovative farmers, is in urgent need of automated solutions, given the complex logistical and labor challenges posed by a highly perishable product. 4AG Robotics is dedicated to providing this much-needed transformative solution and has secured purchase orders with farms in Canada & Europe.
Sean O'Connor, CEO of 4AG Robotics, commented on this significant development: "We believe that we can build a globally successful robotics company, based right here in Salmon Arm, and are eager to start growing our team. We're excited about the quality of this investment group and the people we can lean on in these critical years ahead. We have deep experience in agtech from BDC Capital & Emmertech, along with the fresh approach and new energy coming in from InBC's new fund."
"We're extremely confident in 4AG Robotics' ability to lead the mushroom harvesting industry globally," said Joseph Regan, Managing Partner, Industrial Innovation Venture Fund at BDC Capital. "Their technology is helping grow mushrooms in a more efficient and sustainable manner, all while tackling the industry's ongoing labor challenges. We're excited for this market-driven solution to a large global problem."
Read more at mushroommatter.com