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- Malaysia's JCorp to injects $1.74M into Archisen
Malaysia's JCorp to injects $1.74M into Archisen
Johor Corporation (JCorp) Group, an investment firm based in Malaysia, plans to invest MYR 8.2 million (equivalent to $1.74M) in Archisen, an agritech company in Singapore.
Deal Precedent: The investment agreement follows a memorandum of understanding (MOU) signed in August 2023. That MOU laid the groundwork for FarmByte, a JCorp digital agrofood company, to establish a high-tech vertical indoor farm in Johor, Malaysia, in partnership with Archisen.
Aims and Goals: The joint venture's mission is to develop vertical farms that supply fresh produce to both Malaysia and Singapore. FarmByte will contribute its knowledge of local markets and farming infrastructure, while Archisen brings its technical expertise in automation systems and data analytics for indoor farming.
Training Program: Training for FarmByte’s employees will be facilitated by Archisen, ensuring a seamless integration of skills and resources.
About FarmByte: FarmByte's creation earlier this year was part of the JCorp Agrofood Strategic Plan, aiming to bolster Johor and Malaysia's food security agenda. FarmByte's goal is to revolutionize the agrofood sector by combining a digital-first strategy with high-quality produce to improve farmers' livelihoods.
Word from the CEO: Vincent Wei, the CEO of Archisen, underscores their commitment to enhancing farming efficiency through innovation and technology, aiming to strengthen food security and promote sustainable living in the region.
About Archisen: Archisen is known for designing, building, and operating solutions for ultra-fresh, ultra-local produce in cities. The company operates one of Singapore's highest-yielding indoor farms, with an impressive projected yield of up to 100 tonnes of vegetables annually.
In addition to supplying quality products to leading retailers in Singapore under its flagship brand, Just Produce, Archisen also offers a comprehensive farm management solution, Cropdom, for partners seeking turn-key urban farm solutions.