This Temasek-backed agritech firm sows sustainability into rice farming

Open a pantry anywhere in Asia and chances are high that you’ll find an assortment of rice-based essentials like rice noodles, rice cakes, rice wine vinegar, and sake.

Rice is the third-most cultivated cereal crop globally, after maize and wheat. The top 9 rice producers are in Asia and account for over 80% of global production.

Photo credit: Rize

However, the cultivation of the crop is plagued by environmental issues such as methane emissions and the excessive use of water. Southeast Asia’s rice production has also been affected by climate change as draughts and floods increase in frequency.

Project Drawdown, a climate change initiative, estimates that rice cultivation accounts for nearly 10% of agricultural greenhouse gas emissions worldwide. Adopting specific methane-reducing practices in rice production could yield noteworthy effects, the organization says.

To address this problem, top tech startup investors such as Breakthrough Energy Ventures (BEV), a VC firm backed by Microsoft founder Bill Gates, as well as Temasek and Wavemaker Impact formed a joint venture firm called Rize in October 2022.

The Singapore-based startup is developing a platform that can identify and implement the best practices for decreasing greenhouse gas emissions in rice farming. Rize, which began its operations in January, also offers economic incentives to encourage farmers to adopt sustainable techniques.

“Just as significant efforts and investments have been directed towards sectors like electric vehicles, we believe it’s time to channel our resources into transforming rice cultivation,” Rize CEO Dhruv Sawhney tells Tech in Asia.

Rize’s investors have put in US$2 million in initial funding, according to data from VentureCap Insights. The startup is looking to raise fresh funds in the first quarter of 2024 as it ramps up hiring, develops its technology, expands its products and services, and improves its logistics facilities.

Clean up rice

Rize provides three primary services for farmers: input financing, advisory and implementation, and market linkage.

Input financing is offered in-kind: Instead of giving farmers money to buy necessary resources, Rize directly supplies seeds, fertilizers, crop protection materials, and the like.

Rize farmers in Indonesia at an awareness program / Photo credit: Rize

Advisory services include guidance on adopting climate-smart agricultural practices such as alternate wetting and drying (AWD) and direct seeded rice (DSR).

To the market

A sustainable business