EGV has announced the completion of an investment round in Meshine Tech (meshine.io), a company that is working on a platform for analyzing data collected from sensors installed on agricultural machinery.
The company is in the prototype’s construction stage, aiming to complete the product (MVP) by the end of the second quarter of next year.
The super-early-stage investment in Meshine is in perfect alignment with “The Future of Agriculture,” EGV’s investment thesis dedicated to the agricultural field, where the fund’s vision is very clearly noted: “Technology has the power to eradicate famine on a global scale. Given Romania’s huge agricultural potential, we are actively looking to identify new technologies that make food more accessible for all by reducing waste, keeping pests under control, decreasing costs with human labor, allowing for better management of cultures and livestock, and increasing productivity. “
The main idea of the investment thesis is to identify and invest in startups that develop complementary technologies, with strong synergies among them. EGV has three areas of major interest in which it wants to make capital placements: startups that develop algorithms based on data collected from satellites, startups that collect data from drones, robots, and sensors placed in the ground, and startups analyzing data collected by sensors located on agricultural machinery.
The investment in Meshine illustrates this thesis and EGV’s belief that Romanian agriculture is a long-term winning play if supported by technology.
The Meshine team is quite young. However, the two founders have experience in technology and pedigree of entrepreneurs, developing other startups previously Meshine.
Tudor Stomff, CEO of Meshine, says: “Our experience in blockchain, previously proven with Hive, will be of great help to Meshine. We plan to develop a system for collecting data from agricultural equipment and analyze this data so that farmers can have control over their operations and a coherent overall picture of farm activities. All this data is stored in a blockchain ledger representing a detailed history of the operations performed on the farm, thus guaranteeing the products’ origin and compliance with the rules and certifications. In the long run, we want to evolve into a marketplace platform, where other agricultural data providers can be integrated, with Meshine becoming the farmer’s central data panel.”
“Our investment in Meshine is a first step we are taking in the agricultural sector. Others will follow shortly. At the same time, we invite other entrepreneurs who work on tech products for farmers to write to us. We want to meet them and discuss how they see the future of this field of strategic importance for our country, “ said Radu Stoicoviciu, EGV partner.
Early Game Ventures (EGV) is a venture capital firm funded mostly through the Competitiveness Operational Program 2014-2020, co-funded by the European Regional Development Fund.
The European Investment Fund (EIF) is part of the European Investment Bank Group and is the leading risk financier for Europe’s SMEs through venture capital, collateral, and microfinance instruments. In Romania, the EIF implements financial instruments co-financed through structural and investment funds, such as JEREMIE 2007-2013, SME Initiative, ROP, JOP, NRDP.
The Competitiveness Operational Program 2014-2020 (POC) makes investments to address the needs and challenges raised by the low levels of economic competitiveness, in particular with regards to (a) insufficient support for research, development and innovation and (b) underdeveloped infrastructure for Information and Communication Technology. POC benefits from a EUR 1.33 billion allocation from the European Regional Development Fund.