N.Thing, an agri-food Tech Startup based in Korea, has raised $21 million in Series B funding to revolutionize the farm-to-table food value chain
The round, which was led by InterVest and Kiwoom Investment, brings the total funding raised by the startup to $26 million. Existing and new investors like SL Investment, Ascendo Ventures, KT&G, and IGIS Asset Management also participated in the round. Leo Kim, CEO & founder of N.THING, referred to the round by stating:
“New capital from our current and new investors, and additional support of our long-term investor partners is concise of the critical need for new solutions to our agricultural system. This funding not only fuels our continued expansion but evaluating ESG (Environmental, Social, and Governance), food-miles eventually for digital transformation in agriculture.”
N.Thing specializes in agricultural product innovation to revolutionize the farm-to-table food value chain, a mission it has been working to achieve since being founded back in 2014. The startup launched back in 2014 the first vertical farm composed of “CUBE” modules and its proprietary operating system. This solution developed by the startup was designed to ensure the creation of the most suitable environment for each crop to bring maximized productivity.
Over the last year, N.THING has won major awards such as the iF Design Award and the Best Innovation Award at CES 2020. This year, the agritech startup is planning to expand its business on a global scale as well as to boost the development of its technology platform, objectives the new funding is certain to help meet.
Through Internet of Things technology, N.THING is looking to build a bridge between people and nature, diminishing pesticides and pollution all year round. With new technological advances continuing to be applied to the agricultural sector, the agri-food tech startup is aiming to become a major player by enabling sustainable supply and accessibility to buyers.