Agrematch, a Rehovot, Israel-based artificial intelligence (AI) agriTech startup, received an investment from ICL Group (NYSE: ICL) (TASE: ICL), a global specialty minerals company.
The amount of the deal was not disclosed.
The two companies agreed to launch a joint, multiyear program to use Agrematch’s AI system for the discovery of novel crop nutrition solutions, to bring innovative products to ICL’s global offerings. The Agrematch platform is expected to produce proprietary compounds developed as biostimulants and plant nutrition products, optimizing overall plant and soil health and maximizing plant yield, quality and resilience.
Led by CEO Eyal Ben-Chanoch, Agrematch is an artificial intelligence (AI) company focused on providing sustainable products for the agricultural and food industries. Its AI predictive system and validation platform discovers and develops active ingredients, enabling the company to advance a pipeline of crop protection and nutrition products. Within its AI4AI system, Agrematch models are trained to fulfill the specifications of a well-defined product concept. The system’s predictive algorithms run through billions of molecules in a massive proprietary database. Novel compounds can thus be designed, creating a shortlist of candidates with the desired functionalities.
ICL Group is a global specialty minerals company, which creates solutions for humanity’s sustainability challenges in the food, agriculture and industrial markets. The company leverages its bromine, potash and phosphate resources, its global professional workforce, and its sustainability focused R&D and technological innovation capabilities, to drive the company’s growth across its end markets. The company employs more than 12,500 people worldwide, and its 2022 revenues totaled approximately $10 billion.
FinSMEs
19/09/2023