Malaysia-based state investment firm Johor Corporation (JCorp) Group will invest MYR 8.2 million ($1.74 million) into Singapore-based agritech firm Archisen Pte Ltd.
The duo said in statement on Tuesday that FarmByte, a digital-first agrofood company within the JCorp, has signed a heads of agreement (HOA) with Archisen, proposing the FarmByte investment into Archisen and the establishment of an automated vertical indoor farm through a joint venture in Johor, Malaysia.
This follows the signing of a memorandum of understanding in August 2023, which formalized the collaboration to establish this groundbreaking joint venture in urban farming.
FarmByte and Archisen will combine their resources, technical expertise, and network to achieve this goal.
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.
Established earlier this year as part of the JCorp Agrofood Strategic Plan, FarmByte was created to enhance Johor and Malaysia’s food security agenda.
“We are excited to advance our collaboration with Archisen, underscoring our dedication to a digital-first approach in revolutionizing Malaysia’s agrofood sector,” said Syed Aiman Kifli Syed Jaafar, Chief Executive Officer of FarmByte Sdn Bhd.
“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,” he added.
Meanwhile, Archisen Chief Executive Officer Vincent Wei said that through technology, the firm can optimize food production using fewer resources, enhancing its food resilience while minimizing its environmental impact.
“Together, we hope to bring the advantages of vertical farming to Johor and Malaysia, contributing to the region’s food security and sustainable living,” he added.
Archisen is a agritech company that designs, builds, and operates solutions to grow ultra-fresh, ultra-local produce in cities.
It operates one of the highest yielding indoor farms in Singapore, with a projected yield of up to 100 tonnes of vegetables a year.
Today, Archisen provides quality products to leading retailers in Singapore through its flagship brand, Just Produce.
It is also a firm in Singapore that provides a comprehensive farm management solution for partners through its turn-key urban farm solution, Cropdom.