AgTech Digest: Elicit Plant Prepares US Expansion, The FoodTech 500 Ranking Is Out & More!

Good morning readers; in this week’s development from the agtech world, we cover Elicit’s expansion in the US market with its new drought mitigation technology, Oxitec’s latest approval of its fall armyworm solution, and the release of the official FoodTech 500 featuring companies.

Plant Science Latest News

Elicit Plant Prepares to Enter US Market with Drought Mitigation Technology

Elicit Plant is a leading agri-tech company that will launch in the US market in 2025. The company has developed an innovative technology platform, EliTerra®, that reduces water consumption for field crops, addressing the issue of water scarcity and its impact on yields. Its success is based on the exogenous application of phytosterols, which enhance plant defenses against stress and have shown an average yield increase of 10% in crops. With a strong leadership team and strategic vision for expansion, Elicit Plant is committed to taking charge of sustainable agricultural solutions globally.

Paraguay Approves Oxitec’s Friendly™ Fall Armyworm Solution

Oxitec's Friendly™ fall armyworm solution has received commercial approval in Paraguay. This innovative pest control method utilizes male moths carrying a self-limiting gene, preventing female offspring from reaching maturity. With the capacity to slash crop yields by up to 50%, the Friendly™ fall armyworm offers a new layer of defense against the armyworm while mitigating environmental impact and resistance buildup. The approval in Paraguay reinforces the global commitment to sustainable farming practices and environmental stewardship.

Harpe Bioherbicide Solutions Unveils Groundbreaking Plant Extract-Based Herbicides in Over 1,000 Trials Worldwide

Harpe Bioherbicide has developed a new solution to tackle increasing herbicide resistance among weeds. The company's use of plant extract-based herbicides has shown remarkable effectiveness in controlling resistant weeds, providing a new era in crop management. Harpe's natural, new mode-of-action molecules can be formulated for use in a wide range of applications, and the company plans to expand its field testing in 2024. Pending regulatory approvals, the company plans to introduce its products to the market as early as 2026.

Digital Farming

Bayer Launches Pilot of Groundbreaking GenAI System For Agriculture

Bayer has launched a pilot expert GenAI system that uses AI to provide quick and accurate agronomic insights. The system responds to natural language inquiries and delivers expert information within seconds, outperforming existing large language models in the agricultural sector. Developed in collaboration with Microsoft and Ernst & Young, this initiative showcases Bayer's commitment to integrating cutting-edge AI technologies into its digital offerings. The company's strategic partnership with Microsoft is bringing forth innovative digital solutions to promote sustainable agriculture practices, including access to historical weather data and developing connectors for irrigation data.

ProducePay Introduces Breakthrough Visibility Solution

ProducePay has launched its Visibility solution to transform the agricultural sector into a more predictable, connected, and sustainable ecosystem. This solution gives growers and buyers increased control and a detailed overview of produce shipments through a centralized digital platform. The solution ensures the delivery of high-quality produce that meets all specifications and streamlines the supply chain process, saving time and resources for more effective planning. An initial partnership with Four Star Fruit showcased the solution's impact by resulting in less than 1% rejection rates for table grape shipments, marking an 80% improvement over traditional sourcing programs.

FoodTech 500

Forward Fooding Announces the 2023 FoodTech 500 Rankings

Forward Fooding has announced the release of its fifth edition of the FoodTech 500, which features the world's top AgriFoodTech companies that focus on food, innovation, and sustainability. The list celebrates global entrepreneurial talent and highlights companies that address the entire food value chain. This year, the top 10 companies include Nature’s Fynd, Bowery, ProducePay, 80 Acres Farms, Meati Foods, Heura Foods, CropX, and Nobell Foods.

The ranking methodology employs a data-driven approach, the FoodTech Data Navigator’s algorithms, to process data across business size, digital footprint, and sustainability. The method, developed in collaboration with sustainability experts, assesses companies against selected United Nations Sustainable Development Goals. The companies featured in the 2023 FoodTech 500 represent various growth stages, including 4 IPOed companies and 2 ‘unicorns,’ and they deploy Forward Fooding’s proprietary taxonomy, which includes Agtech and Next-Generation Food and Drinks as leading sectors.

Discover the complete list of companies here.

Bioenergy

Cargill Launches Power Canola™ Program to Boost Canadian Bioenergy Feedstock Market

Cargill has launched the Power Canola™ program to connect canola growers with the renewable fuel feedstock market. The program simplifies the process for growers to qualify their canola for these markets by ensuring traceability and compliance with sustainability standards. With the introduction of this initiative, Cargill aims to support both food and fuel markets while reinforcing the commitment to sustainable agricultural practices. The Power Canola™ program marks a significant step towards a more sustainable and economically viable future for canola growers across western Canada.

Partnership

FMC Corporation Partners with Novonesis to Enhance Agricultural Solutions in Canada

FMC Corporation and Novonesis have collaborated to enhance FMC's biological platform in Canada. Starting June 1, 2024, FMC Canada will be the exclusive distributor of Novonesis' biosolution products. This partnership aims to develop advanced biological technology for sustainable farming practices in Canada.

Funding Round

Treetoscope Secures More Than $7M in Seed Funding for Plant-Based Sensor Technology

Treetoscope, a startup in Precision Irrigation Management, has raised over $7 million to fund research and development, foster overall growth, and accelerate the expansion of commercial agriculture. The funding round has expanded to include investors worldwide, underlining the global confidence in Treetoscope's innovative technology.

The company's pioneering technology utilizes advanced in-tree sensors, AI, weather forecasting, and satellite imagery to provide farmers real-time data on sap and water uptake, facilitating precise irrigation decisions that conserve water and optimize crop health and yield. Treetoscope has established pivotal partnerships with industry giants Toro and Netafim and was awarded the prestigious New Product Contest Tier 1 by the American Irrigation Association.