In just five years, Cherrp has developed a revolutionary AI solution for the age-old problem of bird damage to farm and horticulture crops, funding its R&D strategically with multiple Radium Advances.
Top of the crop
Cherrp partnered with several Australian universities on R&D to develop its AI-based solution. Using a combination of machine vision, machine learning, and an AI-learning brain that accesses a cloud-based bird acoustic library and field units, the Cherrp system detects target bird species. It then broadcasts messages to these birds in their own language and urges them to leave the area. Cherrp initially bootstrapped its business and relied on sound financial management to invest in R&D. But, when the business decided to extend its runway with investor capital, many investors were deterred by the complexity of Cherrp’s technology and questioned its potential scalability.
Cherrp Chief Executive Officer John Kapeleris says, “We reached out to Radium Capital to explore our R&D financing options and have been working with the approachable and supportive Radium team ever since.”
Simple capital to cut through complexity
Cherrp was claiming the R&D Tax Incentive refund, so the start-up was automatically eligible to apply for multiple Radium Advances. Cherrp selected Radium Capital as its preferred R&D finance partner in 2020 and began accessing the simple and flexible financing it needed to fund, accelerate and commercialise its intensive R&D program.
Today, Cherrp is growing fast and has consolidated its technology into an integrated, subscription-based customisable service. The start-up is targeting the agriculture, aquaculture and horticulture sectors in Australia and plans to expand into the USA and other Asia-Pacific countries.
For more information, visit the Cherrp website.