Bosch Group, one of the world’s leading technology and service suppliers, has agreed to commit $2.5 million to the current fundraising round being conducted by Tasmanian agtech startup, The Yield, in a transaction that includes a global licensing deal.

Founded in 2014 by Ros Harvey, The Yield employs the latest sensor technology and data management software to provide solutions that can improve agricultural productivity, lower costs of compliance with regulatory standards, increase shelf life, and improve risk management for producers in the agriculture and aquaculture industries.

Since its founding, the company has raised $2 million in previous fund raises along with the $1 million Accelerating Commercialization grant, and has released its first product designed to help manage Pacific Oysters Mortality Syndrome (POMS) in January of this year.

The investment was publicly announced by the Tasmanian Premier, Will Hodgman, who stated, “This deal reflects the great potential of not just The Yield, but the potential of Tasmania to generate new technology, highly-skilled jobs and investment. Tasmanian farmers will be the first to access The Yield’s products, giving them an enormous edge in a very competitive market.”

The investment will be used by The Yield to support growth, to expand the company’s team by fifteen employees, and to forward the commercialization of the company’s microclimate sensing system which is being developed to give farmers and producers exceptional insight into their immediate growing conditions.

“Investment from a globally recognized brand like Bosch will be a big help to accelerate development and get our products into the hands of growers around the world,” said The Yield founder and Managing Director, Ros Harvey in a company statement.

Gavin Smith, Bosch Oceania regional president told The Mercury that Tasmania was the ideal location to grow such technology, noting, “This is just the start with a global outlook. Tasmania is a good test base because of its diversity of agriculture in a compact area and the ability to connect with those industries.”