Costa Group managing director and CEO, Harry Debney, will chair the board of Australian agtech company The Yield.
Announcing the appointment this morning (18 April), The Yield’s founder and managing director, Ros Harvey, said she and fellow board members directly approached Debney based on his track record for growing commercial companies on a global scale.
With The Yield planning to grow its operations on the international stage this year, Harvey said Debney’s experience at Costa Group, alongside board director and non-executive director roles with other leading Australian businesses, would prove invaluable.
“The Yield is on a mission to transform food and farming practices around the world with locally developed technology solutions,” Harvey explained. “We’re growing rapidly and plan to expand globally this year, taking The Yield technology to more farms, in more countries.”
“The wealth of knowledge Harry brings as board chair will be invaluable to The Yield and help us drive those ambitious growth plans at home and around the world.”
Debney joined Costa Group as CEO in 2010. Since then, the vertically integrated company has been at the forefront of developing industry-leading agronomic practices, including protected cropping and substrate production operations, along with establishing production bases in China and Morocco.
“I have always searched for game-changing technology and I am convinced that The Yield will make a major contribution to the future success of the global agriculture industry,” Debney explained.
“The agricultural industry has entered an exciting technology phase where we have an opportunity – through more effective real time measurement of key variables combined with predictive analysis – to reach new levels of crop performance, especially in terms of quality and yield.”
Sensing+, The Yield’s seven-day predictions system for farmers, was launched in October last year. It followed a successful Series A capital raise in April (2017), with backing from lead investor Bosch Global, KPMG and global investment marketplace AgFunder. The funding of A$6.5m took total investment in the company to A$11.5m.
The Yield expects to undertake a Series B capital raise within 18 months to fund its global expansion.