Singaporean agri-tech firm Rize has secured $31 million in Series B funding to enhance its sustainable rice farming operations throughout Southeast Asia.
This funding round comprises $20 million in equity, spearheaded by BNP Paribas Asset Management, with contributions from The Rockefeller Foundation. Existing stakeholders Temasek and Breakthrough Energy also participated in this investment.
Additionally, Rize has obtained $11 million in debt financing from UOB, the Bank for Investment and Development of Vietnam, as well as the Temasek Foundation.
Established in 2023, Rize collaborates with smallholder farmers to minimize the ecological footprint of rice production. Its AI-driven platform equips farmers with data-informed recommendations on practices such as alternate wetting and drying, maximum residue limits, and tailored nutrient management.
Given that rice farming significantly contributes to methane emissions and is extremely water-intensive, Rize aims to assist farmers in reducing emissions while enhancing transparency from the field to the end consumer.
The latest infusion of funds will facilitate the expansion of alternate wetting and drying practices, ensure compliance with maximum residue limits, enhance traceability, and promote carbon certification initiatives.
Rize has set an ambitious target to reach 300,000 hectares and engage 150,000 farmers by the year 2030.
Since its Series A funding two years prior, the company has partnered with 17,000 smallholder farmers across over 50,000 hectares in Vietnam and Indonesia. It has successfully exported 1,500 metric tonnes of low-emission rice to various markets, including Europe, Canada, Australia, and Singapore.