Monday, June 17, 2024
HomeSingapore Singapore-Based Rize Secures $14 Million in Series A Funding

[FUNDING-NEWS] Singapore-Based Rize Secures $14 Million in Series A Funding

Rize, a pioneering agritech platform dedicated to making sustainable rice cultivation viable through innovative and data-driven practices, today announces the closing of its USD$14 million Series A funding round.

Rize, a pioneering agritech platform dedicated to making sustainable rice cultivation viable through innovative and data-driven practices, today announces the closing of its USD$14 million Series A funding round.

This investment will enhance Rize’s technology stack including its Measuring, Reporting, and Verification technology and support further expansion into Indonesia, Vietnam, and across South and Southeast Asia.

The funding round is co-led by Breakthrough Energy Ventures, GenZero, Temasek and Wavemaker Impact.

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It’s technology stack captures vital agricultural data essential for implementing sustainable farming practices, making rice farmers more climate resilient, increasing their crop yields, lowering costs, and facilitating efficient access to finance. This step advances it’s goal to eliminate 100 metric tonnes of carbon emissions whilst significantly improving farmer livelihoods.

“We are confronted with the challenges of addressing the high levels of methane emissions and the water-intensive practices prevalent in rice farming, which accounts for 10% of global methane emissions, a figure that is set to rise if unchecked,” said Dhruv Sawhney, CEO of Rize. He adds, “another hurdle is the lack of precise data, particularly among the numerous smallholder farms across South and Southeast Asia, as well as the increasingly high cost of farming due to increased input prices and a changing climate. Our technology stack seeks to tackle these challenges. By doing so, we are not just aiming to cut down 100 million tonnes of carbon emissions, we are also enhancing the economic stability of farmers, ensuring that improved farmer livelihoods and reduced emissions go hand-in-hand.”

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In addition to technology stack development, the funds will enable Rize to expand its operations deeper into Indonesia and Vietnam and help strengthen its team of agronomists to over 100 by the end of 2024, potentially reaching over 20,000 farmers. Rize also has plans to expand into other rice producing South and Southeast Asian countries in 2025.

About Rize

Rize is a cutting-edge agritech platform whose mission is to enable sustainable rice farming via creative, data-driven methods.

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