Investment & Fund Management
a venture-capital firm supported by the European Investment
Full Credential Description
Micron Agritech, an agritech company based in Ireland, faced a significant challenge in addressing the issue of antimicrobial resistance in livestock. Farmers traditionally relied on sending dropping samples to laboratories for testing, which could take up to five days to yield results. This delay often led to the inefficient and costly practice of administering medication to entire herds, contributing to resistance and potential risks to the food chain.
To tackle this problem, Micron Agritech developed the Micron Kit, a rapid testing solution that allows farmers to test for gut parasites in cattle, sheep, and horses on-site. Utilizing machine-learning technology, the kit enables farmers to collect samples and analyze them using a mobile app, providing results in under half an hour. The data is processed through a cloud-based model that leverages a dataset of over 20,000 data points to identify parasites quickly and accurately.
The innovative approach not only streamlines the testing process but also promotes better health outcomes for both animals and humans. Following the development of their product, Micron Agritech secured equity investment from The Yield Lab Europe, a venture-capital firm supported by the European Investment Fund (EIF) under the EUs Investment Plan for Europe. This funding facilitated further product development and helped the team transition from university to a full-fledged company.
As of now, Micron Agritech has deployed prototypes with ten users in Ireland and is preparing for a commercial launch next year. The team is optimistic about the future, recognizing a pivotal moment in the farming sector's willingness to adopt new technologies that enhance efficiency and health standards.