The Saudi Agricultural and Livestock Investment Company (SALIC) has led a round of investments in Hummingbird Technologies, a UK-based agricultural technology company.
The round of investments in the firm was valued at a £7 million, a statement said.
Hummingbird Technologies is an artificial intelligence business, using imagery and data analytics from satellite, drone, plane and robot technology to boost agricultural practices.
SALIC’s managing director, Khaled Al-Aboodi, said: “SALIC aims to be a world-class agribusiness investment company focusing on food security. Making sizeable, meaningful and scalable investments and investing in new Ag Tech projects such as Hummingbird will mobilize us to reach our strategic objectives.”
SALIC’s CEO, Matthew Jansen, added: “We see Hummingbird as an attractive investment from our global portfolio’s point of view and see it as a means of driving and accelerating innovative best practice adoption across our global farmland production operation.”
Will Wells, CEO of Hummingbird Technologies, said: “We are thrilled to announce this transformative equity deal for Hummingbird, which also includes a global commercial dynamic to roll out our offering on an unprecedented scale.”
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