American multinational biotech giant Monsanto has joined forces with Microsoft to boost the use of digital technology in the agricultural sector in Brazil.
As Reuters reports, Microsoft is managing an investment fund worth up to R$300 million BRL (roughly $91 million USD), which will explore the potential for new digital tools to be used in agricultural production in Brazil.
Monsanto has agreed to participate in the venture, evaluating ideas to identify those suitable for further investment. Startup companies whose ideas are deemed worthy of development will get initial funding of up to R$1.5 million BRL (just over $450,000 USD).
Rodrigo Santos, Latin America chief for Monsanto, said that the company is keen "to foster new startups in the agricultural sector. There is a vast area for research and development."
Chip manufacturer Qualcomm has also joined Microsoft"s investment fund.
Source: Reuters