Agtech DIT triples valuation in six months — and secures $1.2 million in federal grant funding to boot
Summary
Toowoomba agtech startup Direct Injection Technologies (DIT) has secured $600,000 in federal grant funding, after seeing its valuation triple to $30 million in the space of six months. The grant funding, issued through the National Entrepreneurs’ Program, will be used to fast track commercialisation of its animal supplements technology in the live export industry. The startup uses an algorithm to dispense the right amount of supplements to farm animals in a more efficient way, directly via their water source. “And we want to own that frontier.” Securing this grant funding followed a 12-month application process, and significant due diligence on the government’s part, Peart says. “That’s a big selling point when you go to your customers.” And, this kind of endorsement is crucial for securing grant funding, Peart adds.