Agtech AI All Funding Startup News in Korea (Korean Startup News)

Transfarmer Secures Seed Funding for Agtech Innovation

2024-03-06 2 min read


Transfarmer Secures Seed Funding for Agtech Innovation

Reading Time: 2 minutes

Transfarmer, a South Korean AI-based agtech startup, has secured seed investment from Sopoong Ventures.

Established in March 2023, Transfarmer is made up of a team including Dr. Ki-Hyun Kim, a former executive from a global consulting firm, and professionals with over 15 years of experience in areas such as AI and data. The company is in the process of developing and operating a platform that leverages AI to estimate the value of farmland and country houses based on big data analysis. This platform also provides analyses regarding the viability of farming projects and suitable crops.

The platform offers tailored services to a diverse range of users, from novices in agriculture to current farm managers, and even to the elderly preparing for retirement. A distinctive feature of the platform is its ability to make secluded rural information, such as land prices, readily accessible online with a simple click.

The platform has introduced services such as ‘Land & Country House Price Analysis,’ ‘My Farm Diagnosis,’ ‘Finding Land for Aspiring Farmers,’ ‘Building Your Home’ for checking construction costs of country houses, and ‘Agricultural Land Pension Analysis.’ In January, it also added ‘Property Analysis’ and ‘Hidden Policy Support Funds.’ The ‘Property Analysis’ service uniquely consolidates scattered real transaction and auction information of agricultural land and country houses from various sources, such as the Korea Asset Management Corporation, the Farmland Bank, and courts, displaying it by region for the first time in South Korea.

Since its official launch in November last year, the Transfarmer platform has attracted 5,684 users in just over three months. Building on this momentum, the company’s plan is to focus on marketing efforts to increase the number of paid members in the first half of this year, with the goal of becoming the sole comprehensive digital transformation (DX) platform for the rural economy in South Korea.

Lee Hak-Jong, the head investment partner at Sopoong Ventures, commented on the investment, “In the rural economy, which is grappling with the triple challenges of aging, regional extinction, and climate change, services that analyze farmland and enhance accessibility are indispensable. We anticipate a synergistic effect with advanced agriculture startups, such as plant factories and agrivoltaic systems.”

Dr. Ki-Hyun Kim, CEO of Transfarmer, shared his aspirations, “This investment will enable us to step up our marketing efforts and enhance our platform. Our goal is to evolve into a company that fosters mutual growth and development with Korea’s rural communities.”

[Korean AgriTech Startup News]

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