Horticulture Research Firm in Liquidation After $8.4M Govt Funding Dries Up
November 10, 2022
A company which received $8.4 million of government funding to develop artificial intelligence for the horticulture sector has been put into liquidation.
PlantTech Research Institute Limited was awarded the funding by The Ministry for Business Innovation and Employment in 2016 to establish the company through until December 2022.
But company chairperson Mark Gilbert said the pipeline of research project revenue had dried up as its clients faced very tough seasonal and broader economic conditions.
He said the kiwifruit and apple sectors, in particular, were facing their worst season in 10 years - which was seriously impacting its ability to invest in innovation.
“It has unfortunately been the perfect storm, combined with the downturn in commercial revenue, the business is unable to survive without further government funding support, and we have been told that none is available.”