SILICON VALLEY, Calif., June 27, 2023 (GLOBE NEWSWIRE) -- SVG Ventures|THRIVE and NEC X, NEC Corporation’s Silicon Valley innovation hub and venture studio, announced today that they have partnered to build bridges between agtech entrepreneurial ecosystems and NEC X venture-building capabilities. They will collaboratively identify opportunities for new ventures in agriculture and fast-track acceleration of resulting ventures from NEC X. The organizations will join forces in venture and ecosystem development with an initial focus on North America.
Partnership with SVG Ventures|THRIVE, a global investment and innovation platform, provides access to top tier, sector-focused entrepreneurial talent, particularly from THRIVE’s pre-seed Academy programs and comprehensive founder database. NEC X will also benefit from strategic industry insights derived from the platform and THRIVE team, as well as participate in exclusive ecosystem activities alongside THRIVE portfolio companies and corporate partners.
In this collaboration, NEC X will bring its R&D expertise in various emerging technologies such as artificial intelligence and machine learning (AI/ML), sensors, data analytics, and cloud computing to the agritech venture. They can assist entrepreneurs in implementing advanced solutions like precision agriculture, automated farming systems, crop monitoring and predictive analytics for optimized production and resource management to entrepreneurs in agriculture.
The mission of NEC is to create value for all members of society by orchestrating a brighter world. To advance this mission, NEC provides a spectrum of technology products and services globally and across a plethora of industry verticals. In this context, NEC Corporate participates in the agriculture market with a digital platform solution, CropScope, supporting agriculture operations with AI and data analytics in the global market. In 2018, NEC launched NEC X in Silicon Valley to fast-track technology and business ideas from inside and outside NEC. Operating as a venture studio and open innovation hub, NEC X has announced ten ventures to date, including Beagle Technology, an automated pruning robotics company for specialty crop farming operations, and will leverage this partnership with THRIVE to continue exploration and solution development for underserved needs in the industry.
“NEC and NEC X can bring unique technologies, resources and scale to the agriculture industry,” said John Hartnett, CEO and Founder SVG Ventures|THRIVE. “We are delighted to partner with NEC X to provide new opportunities for entrepreneurs in THRIVE’s ecosystem and jointly innovate to advance the future of food and agriculture.”
“At NEC X, we recognize the growing importance of the agriculture and food industry in addressing global challenges such as climate change and a growing population,” said Shintaro Matsumoto, president and CEO, NEC X. “That's why we're committed to driving innovation in this sector, leveraging our expertise in cutting-edge technologies such as AI/ML, sensors and data analytics technology. By partnering with THRIVE, we're excited to support entrepreneurs in this space and jointly innovate to advance the future of agriculture and food."
Please direct interest in learning more about or getting involved with the THRIVE - NEC X partnership to thrive@svgventures.com.
About SVG Ventures|THRIVE:
SVG Ventures|THRIVE is the leading global Agrifood investment and innovation platform headquartered in Silicon Valley, and comprised of top agriculture, food & technology corporations, universities, and investors. With a community of over 8,500 startups from 100 countries, the THRIVE platform invests, accelerates, and creates unparalleled access for entrepreneurs to scale globally to solve the biggest challenges facing the food and agriculture industries. SVG’s existing global partners include Media Partner Forbes and leading government, agriculture, and technology corporations such as Corteva, Intel, Driscoll’s, FCC, CED, Bayer, Koch, Kubota, Shell, Land O’Lakes, ICL, Alberta Innovates, UFA, Trimble, Taylor Farms, Valmont, Yamaha Motor Ventures, Wilbur-Ellis & Victoria Government. Crunchbase recognizes SVG Ventures as the most active AgTech investor with a portfolio count of over 80 investments in the sector. Learn more at www.thriveagrifood.com.
About NEC X
NEC X Inc. builds on the strength of NEC’s technologies to accelerate the development of innovative products and services. NEC X provides its Venture Studio Programs to entrepreneurs-in-residence (EIRs) to fast-track the development of technologies and business ideas brought by EIRs or from inside NEC. NEC X has won industry-leading awards such as “Best in Biz” and “BIG Innovation.” The company is located in Silicon Valley, enabling fast access to its entrepreneurial ecosystem and strong high-technology market. Learn more at nec-x.com or by emailing contact-us@nec-x.com.
Media Contacts:
SVG VENTURES|THRIVE
Kelsey Ducker
+1 (678) 772-7890
kelsey.ducker@svgventures.com
NEC X Inc.
Sandy Fewkes (Kiterocket)
+1 (408) 529-9685
sfewkes@kiterocket.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4a08e378-07d1-44aa-b104-3266dca17ad3
