4AG Robotics was InBC’s first direct investment in a company, which we announced in the fall of 2023. In less than two years, we have watched the company grow from prototype to its autonomous, vision-guided mushroom harvesting robots now deployed on three continents, helping farmers in B.C. and across the world to improve operating efficiencies and reduce food waste while addressing labour challenges.

Mushroom farming is the original vertical farm and today, mushrooms grow on aluminum shelves known as “Dutch racks” in dark, humid environments. Because mushrooms double in size every 24 hours, harvesting is required around the clock. This work is physically demanding with workers reaching between shelves to hand-pick the mushrooms. 4AG Robotics is tackling this global challenge — addressing labour shortages, improving product consistency, and optimizing mushroom yield and quality through advanced automation and AI.

The Forager HX400: 4AG Robotics’ autonomous, vision-guided mushroom harvesting robot.

The company’s autonomous, vision-guided robots can pick, trim and pack mushrooms. They are retrofitted directly to a farm’s existing shelving and are mobile between growing rooms for optimal efficiency. This flexibility enables 4AG to scale the deployment of its robots onto farms across the world. Integrated with AI, the robots continue to make smarter decisions over time — on which mushrooms to harvest, when to harvest and how to optimize trimming — continuously improving yield and quality.

4AG Robotics employees building Forager HX400 harvesting robots and installing them onto farms.

The company, based in Salmon Arm, recently expanded with a satellite office in Vancouver, representing a significant milestone in its growth. 4AG proves that you can build a global category leader in a small town, supporting economic growth and jobs in its community. Last month, the Thompson Okanagan Business Excellence Awards recognized 4AG as Big Business of the Year for its economic impact in the region.

InBC committed our follow-on investment to 4AG Robotics’ Series B alongside other investors, which closed at $40 million — an up round in a market where that’s increasingly rare. The raise comes on the heels of rapid commercial growth: 4AG has expanded across three continents, sold dozens of robots and deployed systems at the world’s leading mushroom farms, all while building from a small town in B.C. In a capital- and labour-constrained sector, this traction is no small feat. The new investment will support the company’s continued global expansion, team growth and mission to build a more sustainable food system powered by B.C. innovation.

Congratulations to the entire 4AG Robotics team for its achievements.

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B.C. boasts more than 150 agritech companies, generating over $500 million in revenue, that address a variety of needs along the agriculture supply chain. In 2021, the Province of B.C. created the Regenerative Agriculture and Agritech Network to help expand best practices for using agritech to enable sustainable farming practices. Just a year ago, the province announced a new B.C. Centre for Agritech Innovation (BCCAI) that connects academia, industry and innovators as a part of the StrongerBC Economic Plan. As a result of this support, the growing agritech sector is well positioned to become a major contributor to socio-economic growth in the province.

What is agritech?

The agriculture sector encompasses activities related to growing or raising crops or livestock. Agriculture is an umbrella term that often includes horticulture and aquaculture. Horticulture refers to the growing of plants on a smaller scale than agriculture such as in gardens or greenhouses, while aquaculture refers to ocean-related areas of production within agriculture.

Agritech encompasses all technology in the agriculture industry that can help to reduce production inputs or improve efficiencies. Agritech can refer to a wide array of technologies, from plant biotechnology to AI and drones for farm management.

The main pillars in the agritech sector are:

How is InBC Investing in agritech?

We recognize that the growth of agritech can contribute significantly to economic development in the province while addressing key agricultural and environmental challenges. Some of the themes under which we are investing in agritech companies include (but are not limited to):

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1. Sustainable and resilient supply chains
(Innovating for the Future)

Addressing vulnerabilities and optimizing processes for greater supply chain efficiency. Companies in this space are enabling food security by working on issues such as increasing yield at lower costs to make end products more accessible and affordable.

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2. Sustainable food and agriculture
(Driving Climate Action)

Minimizing production inputs and harmful outputs in addition to creating innovative and sustainable products. There are many companies in B.C. that are addressing issues such as reducing the use of pesticides and fertilizers while managing water consumption.

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3. Decarbonization technologies
(Driving Climate Action)

Mitigating climate change by reducing or capturing greenhouse gas emissions. Under this investment theme, companies are working on issues such as improving the carbon sequestration properties of soil to decrease the emissions of farming.

Investment into the agritech industry aligns with our impact objectives to drive climate action and innovate for the future.

Investment into the agritech industry aligns with our impact objectives to drive climate action and innovate for the future.

Are you an agritech company?

If you are a growing agritech company in B.C., consider us as an investment partner in your next capital raise. We invest alongside other investors in companies raising a Series A or later round, generating revenue and looking for equity investment to support their scale up. Learn more about our investment criteria and express your interest here:

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