FarmByte and Singapore’s Archisen Establish Joint Venture in Smart Vertical Farming

Thursday, March 21st, 2024

Joint venture seeks to modernise Johor’s agrofood sector whilst boosting food security.

FarmByte, a digital-first agrofood company under the Johor Corporation (JCorp) Group, and Archisen, an agritech company from Singapore, have embarked on a 70:30 joint venture agreement to develop a new smart indoor vertical farm in Johor Bahru.

Spanning 52,000 square feet with an estimated total capital requirement of MYR 36.7 million (USD 7.8 million), the indoor vertical farm is planned to be operational by end of Q4, 2024 and is expected to produce over 306,000 kg of premium leafy vegetables, including crystal lettuces, mustard greens and ice plants, per annum.

Witnessed by the Chairman of the state’s Agriculture, Agro-based Industry and Rural Development committee, Datuk Zahari Sarip, the joint venture agreement was sealed by Syed Aiman Kifli Syed Jaafar, CEO of FarmByte, and Vincent Wei, CEO of Archisen.

As part of the agreement, FarmByte and Archisen will commit their respective resources and industry and technical expertise to the establishment of the indoor vertical farm.

While FarmByte will provide local farming and agrofood insights, Archisen will provide the technical know-how on vertical farming as well as farm installation, supply and maintenance expertise to ensure the smooth operation of the indoor vertical farm.

The joint venture will also see an investment of MYR 12.2 million into Archisen as a reflection of FarmByte’s commitment to foster the long-term growth of the company and the partnership.

According to Syed Aiman, this joint venture builds on the long-standing and deep economic ties between Malaysia and Singapore, and is also testament to FarmByte’s commitment to a digital-first approach in farming.

“At FarmByte, we are constantly learning from other industry peers and exploring groundbreaking ways that can enhance the way we bring high-quality, safe and nutritious food to the table for everyone,” said Syed Aiman.

“Indoor vertical farming has been on our radar as an innovative farming method, and we couldn’t be more excited to be joining hands with Archisen – an expert in this field – in this joint venture.”

“The joint venture provides us with the opportunity to gain valuable insights and expertise on the application of innovative, high-technology solutions to enable more sustainable and efficient farming practices. We can then use these insights to support and empower our local farmers through our digital aggregator platform.

“Furthermore, the smart indoor vertical farm that we will develop in Johor as part of this joint venture supports our ongoing efforts in creating high-value jobs in agriculture and attracting youth and talent into the industry.”