BASF invests in digital innovation fund
BASF Venture Capital is investing $2 million into the US-based seed-stage venture fund, Alchemist Accelerator.
BASF Venture Capital is investing $2 million into the US-based seed-stage venture fund, Alchemist Accelerator. At least half of BASF’s funding will go towards a number of areas including agricultural technology. This investment supports BASF’s strategy to leverage digital technologies to drive business growth, the company says. “By investing in a digitally-focused fund, we promote innovations at the intersection of chemicals and technologies like artificial intelligence, internet of things and robotics,” says BASF Venture Capital’s managing director, Markus Solibieda.
BASF acquired Bayer’s Xarvio digital farming solutions as part of Bayer’s divestment commitments for acquiring Monsanto. It includes products such as Xarvio Field Manager, Xarvio Scouting and Xarvio Healthy Fields. Currently in the concept phase, this service package for efficient crop protection will not only provide field zone specific crop protection strategies and their implementation by a certified contractor or the farmer himself via the Xarvio Field Manager, but also guarantees the success of the crop protection application.