March 29, 2023

By Lynda Kiernan-Stone, Global AgInvesting Media

Already revenue and EBITDA positive and positioned for growth, Australian end-to-end precision and ag analytics company Braiin Limited announced its plans to go public via a SPAC agreement with Northern Revival Acquisition Corporation (NRAC). 

“Partnering with Northern Revival Acquisition Corporation is a major milestone in our company’s development,” noted Natraj Balasubramanian, CEO, Braiin. “This business combination and entry into the public markets will allow us access to a much larger pool of capital and increase awareness and adoption of our products and services to expand the practice of precision agriculture around the world.”

Braiin noted that farmers’ margins are under attack on multiple fronts, adding that its platform’s core technology has the power to improve yields by as much as 20-25 percent through mapping the landscape, monitoring microclimates, and automating cultivation. 

As a multi-faceted agtech company, Braiin offers differentiated technologies and capabilities designed to revolutionize traditional farm management by leveraging automation, insights, connectivity, drones, imagery, analytics, and actionable recommendations via three pathways:

IoT –  Being remotely located is a serious challenge for many farmers and managers who need reliable wireless connectivity in order to modernize and integrate more technology into their operation. Meeting the gap, Braiin’s technology offers a comprehensive IoT connectivity solution that brings functionality and reporting capabilities. 

Robotics – Drones are deployed allowing for increased productivity, higher yields, and healthier crops. Braiin is the first company in any country to be certified to operate fully autonomous aerial robots for crop spraying. 

Software – Software and artificial intelligence/machine learning (AI/ML) technologies are used to improve supply chain transparency, accelerate payment processes, and to reduce operating challenges such as fraud and corruption. 

“Braiin is driving agriculture to the future by leveraging AI/ML to improve outcomes that aid farmers,” said Aemish Shah, Chairman and CEO, NRAC. “Braiin’s strong and profitable revenue growth gives credence to the power of its technology to move the agriculture industry forward.”

Woven into the fabric of its business are ESG values that are increasingly critical as the UN estimates a population increase of 2.2 billion people by 2050. Over the next thirty years yields will need to increase significantly to feed the world – a herculean task without technological advances. Through the adoption of Braiin’s platform farmers can directly influence:

~ Water usage and soil preservation: An estimated 80 percent of cropland is expected to experience water scarcity, according to the company, who stated that its IoT sensor and drone technology can reduce water usage by up to 85 percent and fertilizer usage by up to 50 percent through the observation of crops and their environment. 

~ Health hazard and worker safety: Braiin’s drone-powered crop spraying technology can reduce farm workers’ health risks from asthma, cancer, kidney failure, musculoskeletal issues by eliminating backpack spraying and moving workers to safer jobs such as harvesting or tilling. 

~ The environment: Braiin’s drones are environmentally friendly with rechargeable electric batteries, replacing gas-powered sprayers and other fossil fuel-burning machines and substantially reducing carbon emissions. 

Under the terms of the merger agreement, NRCA will acquire all outstanding shares of Braiin from its existing shareholders in exchange for newly issued ordinary shares of NRAC. Prior to closing, all convertible securities of Braiin will be converted into Braiin ordinary shares, which will then be exchanged for NRAC ordinary shares, with the pro forma enterprise value of the combined company expected to be approximately $215 million at closing in either Q2 or Q3 of 2023. 

~ Lynda Kiernan-Stone is editor in chief with GAI Media, and is managing editor and daily contributor for Global AgInvesting’s AgInvesting Weekly News and  Agtech Intel News, as well as HighQuest Group’s Unconventional Ag. She can be reached at lkiernan-stone@globalaginvesting.com.

*The content put forth by Global AgInvesting News and its parent company HighQuest Partners is intended to be used and must be used for informational purposes only. All information or other material herein is not to be construed as legal, tax, investment, financial, or other advice. Global AgInvesting and HighQuest Partners are not a fiduciary in any manner, and the reader assumes the sole responsibility of evaluating the merits and risks associated with the use of any information or other content on this site.