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Our goal is to offer an even better product to our customers. With the integration of SpaceSense, thanks to satellite imagery and earth observation, we will be able to develop technologies for sustainability at a faster pace because we will be a single working group. SpaceSense has been our supplier since day one, so we have known each other for a long time. This integration will make us even more efficient and faster to market.
Greenfield Technologies is a Spanish company that operates in Spain and neighbouring countries. They are particularly focused on regenerative agriculture, which involves new practices to regenerate the soil and give agriculture a long-term future, and is an important market trend. They have extensive experience in this area and offer technological solutions to help farms implement this approach. The integration with them is an opportunity for important synergies, both to accelerate in the Spanish and other neighbouring markets, and to integrate all the technologies on a single platform to offer an even more advanced service to our customers.
That's right, and we like it that way, also for cultural and mindset reasons. We are moving in the same direction as our European and global customers.
We already had common customers who used our respective services. Now we will be able to offer these services together in an optimised way, acting as one company. This is exactly what the big global players want, to have a single provider that can offer them a range of services for their needs. In addition, the people at Greenfield Technologies have great agronomic expertise, they do a lot of field work and they do it very well. They are one of the few companies that can calibrate their agronomic models in the field. And now we at xFarm Technologies can also rely on this expertise.
The most important aspect is the speed of implementation. Our R&D and development teams will merge and work together, which will have a positive impact on speed. The market is very fast in many areas and this operation is also intended to bring efficiency to development and therefore to customers, who will be able to have more advanced services in less time.
From this point of view, there will not be much change because we are already used to having team members in different areas and regions. But we are pushing more and more to have a working style that always favours efficiency, even with a team distributed in different parts of the world. For example, we use an internal chat to share anything that needs to be shared, preferring this way of communicating to meetings. We also decentralise responsibilities so that each team works on its own goals. The SpaceSense colleagues, for example, take care of all satellite development and will continue to do so, carrying on the responsibilities they had before.
2025 sounds so far away, 2030 even more so. You know, for a scale-up, a year feels like a geological era! Our goal is to continue to grow and move from a pan-European to a global company. We already have customers outside Europe and we want to continue to bring our expertise to other continents.
That is correct. They are very active in North Africa, especially in Morocco, Algeria and Egypt, which are neighbouring countries with similar climatic conditions and which they know very well at Greenfield Technologies.
Yes, that is right. We already have a presence in India and it is a huge market with great opportunities: while the EU has around 9 million farmers, India has at least 140 million and the average age of farmers is lower than in Europe. This means that farmers there are more familiar with technology, and in fact some local competitors are very advanced in services that do not yet exist in Europe. For example, farmers in India are already used to buying agricultural products via apps, which is not the case here.
Organic farming has been very strong in the market in recent years and will continue to be strong. The big trend we are seeing now is regenerative agriculture. There has been a lot of land use in the last century and with regenerative agriculture we want to restore the health of the soil as much as possible. It is not an obvious transition because, on the one hand, it is essential to guarantee yields anyway because the population is growing and there is a need to produce food for everyone. On the other hand, when we talk about sustainability, we also have to think about the economic sustainability of farms. When there is change, you can never take anything for granted and it is not easy to heal the land in the long term and make that process financially sustainable for the farms. It is a very complex transition, but it is undoubtedly the future.
One of the goals is to make technology that is actually very complex easy to use. So we take image processing or machine learning technologies and offer them to companies so that they can use them very easily. One of the latest features we have released is disease detection: I take a picture of a leaf that has anomalies, and from a simple picture, the app is able to identify what the causes of the anomalies might be and make a suggestion. I think this is a good example of very complex, but easy-to-use technology that can make businesses more efficient. For example, instead of calling the agronomist and having him drive miles, they can identify the problem and solve it quickly.
Each geographical area has a different situation. A common challenge around the world is to be able to produce more and better, and to ensure that farms continue to have margins, to exist. There is no doubt that climate change has and will have an increasing impact on agriculture, farmers are literally working under the sky. Given this vulnerability, we must work to improve the resilience of farms. From day one at xFarm Technologies we have rolled up our sleeves to provide the best technological solutions and we will continue to do so, from today with even greater strength and knowledge.
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