SINGAPORE - Vanda Global Capital, Shenzhen Dayshine Fund Management and Raffles Capital are launching the US$1.5 billion (S$2.1 billion) Asia AgriTech Fund to invest in start-ups and businesses that deploy blockchain and infocomm technologies to address the development of Asian farmers.

China Minsheng Investment Group, the limited partner of Shenzhen Dayshine, has already committed US$62 million to the fund.

The fund will invest in sustainable businesses that apply technology to agriculture and have a positive impact in alleviating poverty, raising employment and fostering financial inclusion, according to a press statement.

"The Asian agricultural system is an extremely important one that contributes significantly to high GDP (gross domestic product) growths throughout Asia, especially with the increase in global population and demand for provisions. However, the sector needs innovative solutions, and building companies in a sector that still relies on traditional means would require a lot of help," said Vanda chief executive Low Wei Ling, whose firm focuses on regulatory and financial technology businesses.