DULUTH,
Ga., May 22, 2024 /PRNewswire/ -- AGCO
(NYSE: AGCO), a global leader in the design, manufacture and
distribution of agricultural machinery and precision ag
technology, today announced its recent investment in the
Innova Ag Innovation Fund VI of venture capital firm, Innova
Memphis. This fund investment is the first executed by AGCO's
recently launched corporate venture capital initiative, AGCO
Ventures. The deal aligns with AGCO's approach to support the next
generation of farming through advanced solutions that promise a
more automated, digitized and sustainable future for
agriculture.
"This partnership enables us to tap into
the latest innovations in the field," said Seth Crawford, AGCO Senior VP.
The Innova team is renowned for its focus on nurturing
early-stage startups revolutionizing agriculture.
"We are excited to announce our investment in Innova Ag
Innovation Fund VI, a move that reflects our unwavering commitment
to pushing the boundaries of what's possible in agriculture," said
Seth Crawford, AGCO Senior Vice
President and General Manager, PTx. "This partnership enables us to
tap into the latest innovations in the field, from automation and
digitization to sustainability and efficiency, ensuring that we
continue to provide our customers with the most advanced and
effective solutions on the market."
Through this partnership, AGCO intends to leverage Innova's
expertise in identifying and supporting high-potential startups at
the forefront of agricultural technology.
"We are immensely proud to partner with AGCO, a true leader in
the agricultural sector, whose commitment to innovation and
sustainability mirrors our own," said Dean
Didato, a partner at Innova. "This collaboration represents
a unique synergy between AGCO's industry expertise and our vision
for a technologically advanced farming future and revitalized rural
economies. Together, we are set to empower the brightest minds in
agriculture, driving transformative solutions that promise to
enhance farm productivity and profitability and secure a
sustainable future for our planet."
For more information on the strategic areas of focus, visit AGCO
Ventures.
About AGCO
AGCO (NYSE: AGCO) is a global leader in the
design, manufacture and distribution of agricultural machinery and
precision ag technology. AGCO delivers value to farmers and OEM
customers through its differentiated brand portfolio including core
brands like Fendt®, GSI®, Massey Ferguson®, PTx and Valtra®. AGCO's
full line of equipment, smart farming solutions and services helps
farmers sustainably feed our world. Founded in 1990 and
headquartered in Duluth, Georgia,
USA, AGCO had net sales of approximately $14.4 billion in
2023. For more information, visit www.agcocorp.com. For company
news, information, and events, please follow us on X: @AGCOCorp.
For financial news on X, please follow the hashtag #AGCOIR.
About Innova Memphis
Founded in 2007, Innova is an
early-stage investor focused on starting and funding high-growth
companies in AgTech and MedTech. The firm has invested in over 125
companies across the United States
from its five investment funds, totaling over $110 million. Currently, Innova is looking to
invest in novel solutions that address agriculture's chronic labor
shortage, supply chain deficiencies, margin pressures, and
increased demands for transparency and sustainability.
www.innovamemphis.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/agco-invests-in-innova-ag-innovation-fund-vi-to-drive-the-next-generation-of-farming-302152009.html
SOURCE AGCO Corporation