The Hashgraph Group, an illustrious venture capital and technology firm based in Switzerland, has recently publicized its strategic investment in AgNext Technologies, an innovative agritech company.
This collaboration, announced in a press release on April 7, will witness the Hedera blockchain network bolstering the burgeoning AI-driven agricultural solutions proffered by AgNext. Notably, this partnership will mark a significant integration milestone for Hedera’s blockchain ecosystem as The Hashgraph Group joins AgNext’s recent fundraising endeavor led by Denmark’s Novo Holdings.
In this strategic alliance, AgNext aims to harness the power of Hedera’s distributed ledger technology (DLT) to usher in a new era of trust in the supply chain ecosystem, particularly around insurance and traceability across food supply chains.
Stefan Deiss, co-founder & chief executive officer of The Hashgraph Group, expressed his optimism about the partnership, stating, “With this strategic co-investment alongside Novo Holdings, we look forward to embarking on the tech-enablement journey with AgNext to drive the convergence of AI and Blockchain/DLT, while jointly bringing to market Hedera-powered AgriTech solutions that will enhance AgNext’s competitive edge in the web3 era.”
AgNext also plans to utilize Hedera’s blockchain technology and smart contracts to ensure immutability and efficiency. The mutual objectives of THG and AgNext also encompass an initiative for Hedera-powered embedded devices. These devices are projected to be available to customers globally via a new web3 venture, which the partners plan to establish in Switzerland.
AgNext garnered a substantial $21 million in a Series A funding round in 2021, with Alpha Wave Incubation spearheading the capital injection initiative. The company boasts operations in India, the Middle East, and the United States, with its first international office nestled in the bustling city of Abu Dhabi, United Arab Emirates.
Meanwhile, Hedera continues to gain considerable traction in the tokenization of real-world assets. This is evident through integrations with entities such as Chainlink and Alchemy Pay, the latter aiding in onboarding via fiat-crypto on and off ramping. This strategic partnership between The Hashgraph Group and AgNext Technologies promises to revolutionize the agricultural sector through the amalgamation of AI and blockchain technology, thereby ushering in a more efficient and transparent supply chain ecosystem.
