ITOCHU Announces Strategic Business Investment in Agricultural digital platformer in North America
June 27, 2019
ITOCHU Corporation (headquartered in Minato-ku, Tokyo; Yoshihisa Suzuki, President & COO; hereinafter “ITOCHU”) announced today that it has decided to conclude capital investment and has entered into strategic business alliance with Farmer’s Business Network, Inc. (headquartered in San Carlos, California, U.S.A.; Amol Deshpande, Chief Executive Officer; hereinafter “FBN”) to collaborate for the aim of expanding the business of FBN.
In recent years, due to undernourished with increasing world population, achieving food security and improved nutrition and promote sustainable agriculture are one of biggest issue in the world. Securing stable and sustainable food supply and enhancing creativity in agricultural industry which supports local economies are great global challenges.
Based on analysis of FBN Data Management Platform which is created by agricultural data from farmers/members and public data, FBN provides agricultural report, service and inputs to improve productivity, reduce cost and increase sales for the members in U.S. and Canada. The data network which FBN established helps the members to find their certain issues out and supports on performance of their decision making. FBN is contributing to empower farmers and to enhance creativity in agriculture with providing new solution to the members. Such data driven solutions are created through continuously finding opportunity via interactive communication with members.
ITOCHU has been developing business with Silicon Valley startups since 1980’s, and promoted innovative technologies and business models globally. By making use of the achievements, ITOCHU aim to improve the value across Consumer-Related Value Chain and reinvent its business model with new technologies. ITOCHU will support FBN’s business growth with creating new agricultural business by combining ITOCHU’s business assets which has been created through the long business experience and FBN’s data network platform and its creativity.
Overview of FBN
|Company name||Farmer’s Business Network, Inc.|
|Headquarters||San Carlos, California, USA|
|Business||Providing data driven report, services, products to the members to optimize their farming operation.|