Future Connect, an AI-based, demand-responsive urban farm network solution provider, has secured 8.6 billion won in Series A funding. Participating investors include MY Social Company (MYSC), Korea Investment Partners, BNK Venture Investment, Lotte Ventures, Donghoon Investment, Roy Investment Partners, and JSG Investment.
To address the high initial investment and operating costs of the existing smart farm industry, FutureConnect has developed a business model based on an urban farm network and AI-based operation optimization technology. Using its proprietary modular hardware, NanoFarm, and AI-based operating system, livOS, FutureConnect installs smart farms in idle urban spaces and optimizes production through real-time demand forecasting.
FutureConnect recently launched its first store at Incheon International Airport, and has since partnered with major supermarket chains in the eastern US, marking a major step forward in its US market expansion. The company has also established a joint venture (JV) structure, where local partners shoulder the capital investment, while FutureConnect handles operations and profit sharing. This model is considered a promising strategy for mitigating the burden of excessive capital investment faced by global vertical farming companies.
An official from investment firm MYSC said, “We have proven our growth potential by securing a stable distribution network and reducing distribution costs based on an urban production-demand network,” and “Entering the U.S. market through a private partnership is a representative example of K-smart farm expansion.”
Kang Gil-mo, CEO of FutureConnect, said, “Through this investment, we will further enhance data-driven operational efficiency and focus on expanding our domestic and international network,” adding, “Based on the U.S. market, we will grow into a globally competitive smart farm solutions company.”
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