Agriculture startup Indigo Ag announced this week its plans to relocate, from its Boston headquarters to Memphis, Tennessee. According to a USA Today report, the move could result in Indigo receiving millions of dollars in grants and tax incentives.
Indigo’s arrival in Memphis would bring 700 jobs to the city with an average annual salary of over US$90,000. The average household income in the city is $38,000. Memphis mayor told USA Today that “"it's the biggest new headquarters announcement in Memphis in my memory."
Founded in 2015, Indigo Ag uses a combination of microbiological techniques and emerging technology to improve grower profitability, environmental sustainability, and consumer health. The startup coats seeds with bacteria and fungi, which protect crops from disease and pests, USA Today reports. The procedure can increase crop yields by 10%. Indigo also uses remote sensing technology to analyze large quantities of agricultural, weather, and satellite data, improving growers’ ability to monitor their crops.
On Dec 13, 2018, Indigo acquired TellusLabs, which uses satellite imaging to improve the quality and immediacy of agricultural insights. The company plans to use this new technology to increase the accuracy of the insights available across its proprietary platform.
Last week, with regard to Indigo’s relocation, CEO David Perry said: "We chose to establish and grow Indigo's headquarters for North American commercial operations in Memphis because of the proximity to our customers and Indigo Research Partners, the pro-business climate, access to world class talent, and the collaborative relationship between state and city government leaders.”
Indigo Ag has been valued at $1.4bn and expects global sales to reach $10bn in the near future.