(CALIFORNIA)

A company developing indoor farm technologies has attracted a record-breaking $200 million of investment.

The new funding for Plenty announced this week is a record for agritech. It was spearheaded by the SoftBank Vision Fund. It will be used to advance the company’s pioneering ‘field-scale indoor farms’

Plenty uses a combination of LED lighting, big data and sensor technology to grow quality produce that is often cheaper than the amount customers typically pay. And with the global population predicted to hit nearly 10 billion by the middle of the century, innovations like this are vital.

Masayoshi Son, Chairman & CEO of SoftBank Group Corp, said: “By combining technology with optimal agriculture methods, Plenty is working to make ultra-fresh, nutrient-rich food accessible to everyone in an always-local way that minimizes wastage from transport. We believe that Plenty’s team will remake the current food system to improve people’s quality of life.”

Plenty plans to locate the indoor farms close to the world’s biggest population centres.

“Our technology is uniquely capable of growing super clean food with no pesticides nor GMOs while cutting water consumption by 99 percent, making locally-grown produce possible anywhere. We’re now ready to build out our farm network and serve communities around the globe,” added Matt Barnard, CEO and co-founder of Plenty.