Rize eyes tech boost, expansion through $18.95m Series A funding

The company targets growing its team of agronomists to over 100 to reach more rice farmers in 2024.

Rize has raised $18.95m (US$14m) through Series A funding that will be used to improve its technology and assist more rice farmers in other markets.

In a statement, the company said the funding round was co-led by Breakthrough Energy Ventures, GenZero, Temasek, and Wavemaker Impact.

The investment will enhance Rize's technology stack including its Measuring, Reporting, and Verification (MRV) technology, it noted.

Rize said its technology stack aims to address some of the challenges rice farmers are facing. These include a lack of reliable data, high carbon emissions, and high cost of production. 

“Our technology stack seeks to tackle these challenges. By doing so, we are not just aiming to cut down 100 million tonnes of carbon emissions, we are also enhancing the economic stability of farmers, ensuring that improved farmer livelihoods and reduced emissions go hand-in-hand,” Rize CEO Dhruv Sawhney said. 

The funding will also allow Rize to expand its operations in Indonesia and Vietnam, and its team of agronomists to over 100 by end-2024 to reach over 20,000 farmers. The company also has plans to tap other rice-producing countries in South and Southeast Asia next year.

This coming season, Rize said it aims to improve over 7,000 hectares of rice farming by demonstrating a practical path to environmental sustainability and economic improvement. 

These initiatives are seen to lower emissions by 50% and reduce water usage by 20%, as well as increase earnings by up to 30%.

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“As global rice demand is projected to double by 2050, mitigating the environmental impact of rice cultivation is essential in the fight against Climate Change,” said Carmichael Roberts from Breakthrough Energy Ventures. “Rize’s data-driven technology and expert team of agronomists are a powerful combination for tackling this challenge and scaling viable sustainable rice farming across Asia and globally.”

Wavemaker Impact founding partner Marie Cheong also expressed confident in Rize’s “to scale the adoption of sustainable farming techniques across the region, scaling the impact of decarbonisation and livelihood improvement of smallholder farms.”

(US$1=S$1.35)