Microsoft partners with biotech company Monsanto:
Monsanto, the American multi-national agro-based biotechnology corporation has joined hands with Microsoft Corporation to bring in a boom in the agricultural sector.
“We want to foster new startups in the agricultural sector. There is a vast area for research and development,” Rodrigo Santos, head of Monsanto in Latin America, told about his initiative.
The biotech company and the software giant announced a partnership in investing in Agricultural technology startups on the fourth of July in Brazil, with a small contribution from the American technology company Qualcomm. The best of the startups in the nation will be sorted out and the selected ones will lend a helping hand to develop their ideas. An amount of about 300 million Reais ($92 million) is planned to be invested in a Brazilian investment fund by Monsanto along with Microsoft. The selected startups will be provided with as much as about 1.5 million Reais (around $460,000), boosting their initial development. The project owners are bound to repay the investment in three years or alternatively, manage to give equity.
The evaluation of ideas of these selected projects eventually brings out the best digital tools being applied to agricultural production and one can see a major elevation in the development of agricultural technology in the coming years.
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