UK’s Small Robot Company (SRC) has unfortunately announced that it will proceed into liquidation. This comes as a disappointment, as the company’s technology had proven to deliver value at a profit, with eager customers waiting for its products. However, despite its success, SRC was unable to secure the necessary investment to scale its operations.
According to a statement by SRC on LinkedIn, the company had a signed Term Sheet for investment. Unfortunately, the investment did not materialize before the company’s runway ended, leading to this unfortunate outcome. It is a reminder of the challenges faced by startups in securing funding, even when their technology shows promise.
Looking back, SRC highlighted the co-design of their service with farmers, which proved to be a key factor in their success. They were able to deliver a world first: grass weed detection at field scale. This groundbreaking technology went commercially live in September and had enormous potential. In the UK alone, blackgrass causes farmers to lose £400 million each year. SRC’s service demonstrated up to 90% herbicide and 24% fertilizer savings during the previous season, showcasing its effectiveness.
In 2023, SRC took a step further by integrating a specially developed sprayer onto its Tomv4 robotic platform. This collaboration involved Strathclyde University, Agri-EPI, and Chinese partners. The addition of the sprayer aimed to enhance the capabilities of SRC’s technology and provide even more value to farmers.
In light of the liquidation, SRC announced that Kroll has been appointed as administrators to sell the company’s assets. They have been working closely with Kroll to find potential acquirers who can continue the work of SRC. The hope is to secure a future for some of the team members and the technology itself, which still holds tremendous benefits for farmers and the planet.
The news of SRC’s liquidation is a blow to the agritech industry, as the company’s technology showed great promise in addressing the challenges faced by farmers. The ability to detect and combat grass weeds at field scale is a game-changer, and the potential savings in herbicides and fertilizers could have a significant impact on both the environment and farmers’ bottom lines.
The inability to secure investment highlights the challenges faced by startups, particularly in the agritech sector. Despite the clear value and potential of their technology, SRC was unable to secure the necessary funding to continue its operations and scale its business. This serves as a reminder of the importance of financial support for innovative startups, as they often face unique hurdles in bringing their products to market.
As the administrators work to sell SRC’s assets, there is hope that another company or investor will recognize the value of the technology and continue its development. The benefits it offers to farmers and the potential to revolutionize the industry should not be overlooked. The liquidation of SRC is undoubtedly a setback, but it is also an opportunity for someone else to pick up where they left off and continue the important work of bringing innovative solutions to agriculture.