The agreement proposes an investment of ~MYR 8.2 million (SGD 2.4 million) by FarmByte into Archisen and the establishment of an automated vertical indoor farm through a joint venture
FarmByte, a pioneering digital-first agrofood company within the Johor Corporation (JCorp) Group, has signed a Heads of Agreement (HOA) with Archisen, a leading agritech company based in Singapore. Yesterday, both companies exchanged the signed HOA, proposing a FarmByte investment of ~MYR 8.2 million (SGD 2.4 million) into Archisen and the establishment of an automated vertical indoor farm through a joint venture in Johor, Malaysia.
The document exchange, witnessed by the Menteri Besar of Johor, Datuk Onn Hafiz Ghazi, and the Minister of Natural Resources, Environment and Climate Change, YB Nik Nazmi Nik Ahmad and Manager, Programmes Coordination at UNFCCC, Niclas Svenningsen, was conducted by CEO of FarmByte Sdn Bhd, Mr Syed Aiman Kifli Syed Jaafar, and CEO of Archisen Pte Ltd, Mr Vincent Wei, at the Asia Pacific Climate Week (APCW) gathering in Johor. This exchange follows the signing of a Memorandum of Understanding in August 2023, which formalised the collaboration to establish this groundbreaking joint venture in urban farming.
The joint venture will develop vertical farms that will supply produce to Malaysia and Singapore. FarmByte and Archisen will combine their resources, technical expertise, and network to achieve this goal.
FarmByte will provide the farming infrastructure and critical local market insights, while Archisen will supply the technical knowledge on indoor farming practices, including the use of automation systems and data analytics. Additionally, Archisen will facilitate comprehensive training for FarmByte’s employees.
Established earlier this year as part of the JCorp Agrofood Strategic Plan, FarmByte was created to enhance Johor and Malaysia’s food security agenda. Adopting a digital-first strategy, FarmByte aims to transform the agrofood sector by integrating the ecosystem and elevating the livelihoods of farmers with the production of high-quality produce.
“We are excited to advance our collaboration with Archisen, underscoring our dedication to a digital-first approach in revolutionising Malaysia’s agrofood sector. Our joint efforts will bolster vertical farming capabilities in Johor, leveraging the expertise of an established partner in urban solutions to guarantee food resilience for the country and beyond. The HOA represents another significant milestone in propelling Johor’s agrofood sector toward a more food secure future,” Mr Syed Aiman shared.
Emphasising what yesterday’s agreement meant for both companies, Mr Wei stated, “Through technology, we can optimise food production using fewer resources, enhancing our food resilience while minimising our environmental impact. We are thrilled to collaborate with FarmByte, which shares our commitment to improving farming efficiency through innovation and technology. Together, we hope to bring the advantages of vertical farming to Johor and Malaysia, contributing to the region’s food security and sustainable living.”
The APCW is an annual gathering that brings together leaders from governments, businesses, international organisations, and civil society with the goal of exploring strategies to reduce greenhouse gas (GHG) emissions and adapt to the increasing impacts of the climate crisis. The 2023 gathering is hosted by the Government of Johor at the Persada Johor International Convention Centre from 13th to 17th November 2023. The event is jointly organised by the United Nations Framework Convention on Climate Change (UNFCCC), the United Nations Development Programme (UNDP), the United Nations Environment Programme (UNEP), and the World Bank.
About FarmByte Sdn Bhd
FarmByte is pioneering a new innovative era in Malaysia’s agrofood industry. A JCorp company, FarmByte leverages technology to provide transparent end-to-end solutions to players in its agrofood ecosystem – the FarmByte Food Hub – to enhance national food security, production efficiency, and product quality.
Driven by a commitment to enhance food production and uplift communities, the company works together with trusted partners throughout the value chain – from farmers and processors to distributors and retailers – to create greater business and economic opportunities for the entire farm-to-fork ecosystem.
About Archisen Pte Ltd
Archisen is a Singapore-based agritech company that designs, builds, and operates solutions to grow ultra-fresh, ultra-local produce in cities. It operates one of the highest-yielding indoor farms in Singapore, with a projected yield of up to 100 tonnes of vegetables a year. Today, Archisen provides quality products to leading retailers in Singapore through its flagship brand, Just Produce. It is also the first and only company in Singapore that provides a comprehensive farm management solution for partners through its turn-key urban farm solution, Cropdom.