CropLogic planting seeds for ASX listing
Christchurch-based CropLogic aims to list on the Australian stock exchange early next year.
CropLogic is commercialising technology developed over decades by Crown research institute Plant & Food Research.
It provides farmers with a computer modelling system to determine the best times to apply nutrients and water for maximum crop yield.
Initial trials in the United States, New Zealand, China and Australia indicated crop yield improvements of more than 6 per cent, delivering higher profits.
The technology also cuts costs of repetitive labour-intensive field inspections.
CropLogic is part of the investment portfolio of Powerhouse Ventures which listed on the ASX a two weeks ago, and retains management input and a shareholding of nearly 50 per cent in CropLogic, plus stakes in 18 other startups.
Powerhouse received initial equity investment from Christchurch City Council’s Canterbury Development Corporation (CDC) using an endowment fund.
CDC retains a one-quarter ownership of Powerhouse.
CDC chief executive Tom Hooper said the listing of Powerhouse represented successful completion of CDC’s startup investment model except for a handful of small entities still held under its Canterbury Regional Innovation System (CRIS) portfolio.
As a result, Powerhouse’s 2009 management agreement over the CRIS portfolio for $50,000 a year had ended.
Hooper said the return on investment in the entities was difficult to determine because of the various capital raisings of each one over several years.
A boost to CropLogic’s ASX listing plan was its short listing last week in the Technology Investment Network 100 Awards as ‘‘one of the most promising early stage companies’’.
More than $4.2 million has been invested in Corelogic and in July it raised a further $512,200 via Equitise crowd funding.
It was also supported by a loan from government agency Callaghan Innovation.
Edison Research Group valued CropLogic at $10.2m, and $30.7m ‘‘based on its delivery plan’’.