- The Spanish startup expects to reach a turnover of 1 million euros in 2024, which represents a growth of more than 400 % compared to 2023.
- Booming sustainability legislation will boost Agforest’s turnover to €12 million by 2028.
- Agforest offers solutions based on geospatial data and artificial intelligence (AI) to help companies and public sector institutions move towards a regenerative economy.
Madrid, April 30, 2024 – Agforestastartup pioneer in the application of geospatial artificial intelligence (GeoIA) to build a sustainable future, has announced that it will invest 6 million euros in R+D+i until 2028 in its technological headquarters in Malaga for the sustainability sector. These figures come from the company’s growth plan, which will reach a turnover of more than 1 million euros in 2024, representing a growth of more than 400% compared to 2023.
In just one year of activity, Agforest has managed to exceed its “break even” in terms of turnover, with 300,000 euros sold in GeoIA solutions. The company plans to increase its turnover to €12 million by 2028. The rise of sustainability legislation will boost the value of its technology in the market over the next four years, responding to the needs of the private sector and public administration.
The sustainability market: 18 billion euros
The technology developed by Agforest is part of the “cleantech” ecosystem: startups focused on the development of green technology. Globally, this market is estimated to exceed $18 billion by 2024. According to experts, this figure will increase to more than 80 billion euros in 2032. This forecast translates into a compound annual growth rate of 19.7%.
Agforest has presented an ambitious internationalization plan for Europe, the United Kingdom and Latin America (LATAM). Following the approval of a new European Directive on Corporate Sustainability Reporting (CSRD), the company is focusing on the 27 member states of the European Union (EU) to begin exporting its solutions in 2024. Agforest has also promoted projects and negotiations in Mexico (LATAM) and London (UK).
“Conscious” algorithms and geospatial data for regeneration.
In 2020, for the first time in history, the mass of objects created by humans exceeded the mass of all living matter on Earth. Agforest was created to offer solutions to reverse this situation, giving nature back its autonomy to regenerate the limited resources at our disposal.
The company applies its technology in three business areas: waste and pollution management; water resources management; and a transversal area focused on environmental, economic and biodiversity risk analysis.The company applies predictive and analytical models based on AI algorithms to geospatial data obtained from satellite imagery, probes, sensors, etc. Agforest has developed algorithms aligned with human values to help companies and institutions around the world drive the transition to a regenerative economy. Agforest has developed algorithms aligned with human values to help companies and institutions around the world drive the transition to a regenerative economy.
“The exploitation of natural resources is responsible for the loss of 90% of biodiversity, causing a major climate impact. At Agforest we are convinced that GeoIA applied from a regenerative point of view will be the “cornerstone” to achieve the transition to a circular and regenerative economy. The future of the earth is at stake and technology will be a great ally in reversing this situation.” explains Pablo Quesada, Chief Technology Officer (CTO) and co-founder of Agforest.
About Agforest
Agforest is the Spanish startup pioneer in the application of regenerative geospatial artificial intelligence (GeoIA) to build a sustainable future. The company is committed to research, development and innovation (R&D&I) in cutting-edge projects that facilitate the sustainable transformation of cities. Agforest develops “conscious” algorithms, i.e., aligned with human values, to ensure the positive impact of its artificial intelligence (AI)-based predictive and learning models.
With a development team in Malaga made up of highly qualified GeoIA software engineers, and headquarters in Madrid for commercial development, the company has the capacity to offer innovative and customized solutions to its clients. Agforest is a movement with a clear purpose: to promote the circular economy and encourage the regeneration of natural resources. It seeks to be a nexus of institutional and corporate leaders to contribute to the achievement of the objectives set out in the European Union (EU) Green Pact. For more information, visit: https://agforest.ai/
Press contact
Guillermo de Santiago
guillermo.desantiago@agforest.es / (+34) 662 32 81 77
