Scottish Agritech business looks ahead to future investment and business growth in flourishing indoor farming sector
Intelligent Growth Solutions Ltd (IGS), the Scottish-based agritech business, has appointed David Farquhar as CEO in a strategic move to grow the company. Farquhar, a seasoned transformation and business growth technology entrepreneur, joins the company to drive its global expansion and raise its next funding round.
Most recently, David was CEO of UK-based SaaS vendor Workplace, and lead the team through a hugely successful turnaround, transformation, growth and exit in a merger with US-based Workforce Software.
David Farquhar, comments on his new role: “This is a hugely exciting time to be joining IGS to drive the business forward. The global horticulture market is crying out for new approaches to enhancing food production in terms of yield, quality and consistency. It is also searching for ways to reduce power consumption and labour costs: IGS’ various technology platforms are designed to solve these issues.
“Annual industry spend exceeds $10 billion with compound annual growth of 24%, but there is a pressing need for improved efficiencies and enhanced productivity, which is where IGS has a significant role to play. IGS is positioned as vendor of smart platforms and is productising its core technology to enhance the performance of indoor farming operations. We have developed a number of strong partnerships with other blue-chip technology vendors and distributors to take the business forward.
“We will remain headquartered in Edinburgh, Scotland, with our demonstration vertical facility outside Dundee planned to open this summer. We plan to open additional locations in Asia and US to service growing market demand and support our customers.”
Former CEO Henry Aykroyd, who founded IGS, will be taking up a role leading the company’s relationships with a number of horticultural research and corporate partners in the global food supply chain.
Intelligent Growth Solutions was established in 2013 as an indoor horticulture business with a vision to deliver commercial viability to the nascent vertical farming model by improving productivity (yield, quality, consistency) whilst dramatically driving down the cost of power and labour through Total Controlled Environment Agriculture (TCEA).
Investment in the construction of an indoor demonstration facility at the James Hutton Institute, near Dundee in Scotland, has allowed the team to develop, patent and productise its breakthrough, IOT-enabled Power & Comms Platform consisting of patented electrical, electronic and mechanical technologies. All this is managed by a SaaS & Data Platform using AI to deliver economic and operational benefits to indoor growing environments across the globe. The demonstration facility will be open and operational this summer.