Monsanto and Microsoft announce biotech project

American biotech company Monsanto Co and Microsoft Corp have announced a partnership to invest in agricultural technology startups in Brazil.

Monsanto will join a Brazilian investment fund with up to 300m reais (€85m), managed by Microsoft, evaluating ideas for new digital tools to be applied to agricultural production in the country, executives said.

Selected ideas will receive initial funding of up to 1.5m reais (€415,000) for early development.

Project owners will have the option to pay back the investment after three years or convert the money into equity.

“We want to foster new startups in the agricultural sector. There is a vast area for research and development,” Rodrigo Santos, head of Monsanto in Latin America, told reporters on the sidelines of the Global Agribusiness Forum 2016).

Technology company Qualcomm is also investing in the fund.

Meanwhile, Monsanto is in talks with Bayer and other groups about “alternative strategic options”, a month after it rejected the German company’s $62bn (€56bn) takeover offer.


Lifestyle

Throw all the veg you’ve got into this easy dish.Jack Monroe’s recalibration supper recipe

In a time when our shopping and cooking needs to be efficient and easy, we are bringing back our One List, Five Meals recipe pages.Michelle Darmody's One list, Five meals

What is the future of fashion and how will the ‘high street’ look when this is all over? Corina Gaffey asks those in the knowThe future of fashion: How the crisis will impact the retail industry and what we wear

Surveying the global market, Des O’Sullivan says when the going gets tough, the tough get goingHow art world is putting changed times in picture

More From The Irish Examiner