Elicit Funding

Funding, partnerships, and innovations from Elicit Plant, Klim, NitroVolt, McDonald’s, Syngenta, and others.

Author

Sepehr Achard
November 15, 2024

In partnership with Harnois Greenhouse

This week’s newsletter dives into significant funding rounds, strategic acquisitions, innovative partnerships, and groundbreaking product launches that are transforming agriculture.

Scroll through the detailed sections for a comprehensive overview of this week’s highlights!

What We Are Covering Today?

Estimated Reading Time: 6 - 7 minutes

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SPONSORED BY HARNOIS
Vermax by Harnois Greenhouses: Energy-Efficient Greenhouse Innovation

Harnois Greenhouses proudly presents the Vermax glass greenhouse, a breakthrough in energy-efficient design for sustainable agriculture. Using patented energy-saving technologies, Vermax provides growers with an advanced solution to minimize energy consumption while maintaining optimal growing conditions year-round.

With rising energy costs, Vermax’s semi-enclosed system is designed to efficiently control the internal climate, significantly reducing energy expenses. This innovative design can help lower greenhouse gas emissions by nearly 2,000 tonnes annually, contributing to environmental sustainability without compromising productivity.

At Harnois, our vision is to lead the way in agricultural sustainability by developing the first-ever net-zero glass greenhouse. We are committed to pushing the boundaries of energy efficiency, helping growers reduce their carbon footprint while improving productivity. Vermax is our step toward this vision, delivering the future of agriculture today.

THIS WEEK’S FUNDING
This Week’s Funding: Elicit Plant Bags Series B, Klim & Nitrovolt

Elicit Plant Secures $48M Series B

  • Funding Purpose: Expansion in U.S. Corn Belt, Europe, and Brazil.

  • Technology: Phytosterol-based solutions to reduce crop water use by 20%.

  • Target Market: Crops like maize, cereals, sunflower, and soybeans, addressing water-stressed agricultural land in the U.S. (23%).

  • Strategic Partners: Bayer and BASF.

  • Future Goals: Expanded R&D to enhance crop resilience.

Klim Secures $22M Series A Led by BNP Paribas

  • Funding Purpose: International expansion, platform optimization, and financial services for farmers.

  • Key Investors: BNP Paribas, Earthshot Ventures, Rabobank, Agfunder.

  • Technology: Digital tools for regenerative agriculture.

  • Impact: Over 3,500 farmers managing 700,000 hectares via Klim’s platform.

  • Goals: Support food companies in adopting sustainable practices.

NitroVolt Raises €3.5M for Green Ammonia Technology

  • Funding Purpose: Scaling on-farm green ammonia production technology.

  • Key Investors: BackingMinds, EIFO, EQT Foundation, Satgana, Breakthrough Energy Fellowship.

  • Innovation: "Nitrolyzer" unit converts air, water, and renewable electricity into green ammonia.

  • Benefits: Reduces CO₂ emissions, cuts supply chain dependency, offers cost-effective ammonia.

  • Next Steps: Deploying a demonstration unit on a farm.

Unibaio Wins $1M Grow-NY Grand Prize

  • Award Purpose: Innovation in agricultural and food sectors in New York.

  • Technology: Natural solutions to enhance pesticide and fertilizer absorption, reducing environmental impact.

  • Competition: Part of a $3M prize pool awarded to seven finalists.

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ACQUISITIONS
Key Acquisitions: Mucci Farms Expands Operations & FarmQA Acquires Farm Dog

Mucci Farms Expands Greenhouse Operations with Greenhill Produce Acquisition

  • Acquisition Details: Acquired a 150-acre greenhouse in Kent Bridge, Ontario.

  • Total Acreage: Now exceeds 650 acres under the Cox Farms division.

  • Specialization: Greenhill Produce focuses on bell peppers and integrates advanced automation and robotics.

  • Recent Expansion: Follows the purchase of Hacienda Farms, a 160-acre facility in Coatsworth, Ontario.

FarmQA Acquires Farm Dog to Enhance Digital Agronomy Platform

  • Acquisition Details: FarmQA acquires Farm Dog from Deveron Corporation.

  • Purpose: To improve supply chain transparency and food security via data-driven agronomic insights.

  • Platform Benefits: Offers precision tools and insights across the crop production cycle.

  • Strategic Impact: Expands FarmQA's influence across the agricultural value chain, building on managed acreage growth since 2021.

  • Statement: David MacMillan, Deveron’s President & CEO, expressed confidence in FarmQA’s ability to maximize Farm Dog’s potential.

THIS WEEK’S PARTNERSHIPS
McDonald, Fieldwork, UPL, Planet Labs & xFarm Announce New Partnership

McDonald’s, Lopez Foods & Syngenta Partner to Improve Beef Sustainability

  • Goal: Enhance feed efficiency using Syngenta’s Enogen® corn technology, improving feed efficiency by ~5%.

  • Impact: Reduce emissions by 164,000 metric tons CO₂e annually across McDonald's supply chain.

  • Focus: Climate-smart beef production with improved sustainability metrics.

Fieldwork Robotics & Burro Collaborate on Raspberry Harvesting Robot

  • Innovation: Fieldworker 1 integrates with Burro’s autonomous platform for flexible robotic harvesting.

  • Purpose: Address labor shortages with interoperable technology for various farm sizes.

  • Field Trials: Proven success; larger trials planned with Costa Group in 2025.

EarthOptics & TSIP Advance Soil Health Insights

  • Objective: Combine soil sensing and data modeling for soil carbon and GHG insights.

  • Initiative: Launch National Soil Data Repository with free digital tools for farmers.

  • Benefit: Enhanced support for sustainable farming and soil health management.

UPL Corp & CAC Nantong Launch Cyproflanilide Insecticide

  • Innovation: Targets chewing pests through foliar and soil applications with potential public health uses.

  • Registration: Under approval in China; international rollout planned within three years.

  • Goal: Strengthen UPL’s pest management portfolio with innovative solutions.

Planet Labs & Abelio Expand Precision Agriculture Partnership

  • Scope: Abelio gains 3x more satellite data for nitrogen management and disease detection.

  • Technology: Integration with PlanetScope data and automation via Planet Insights Platform.

  • Impact: Improved precision farming efficiency and cost reduction for farmers.

xFarm Technologies & UNIA Drive Agriculture 4.0 Transition

  • Partnership: Equip UNIA machinery with SaaS tools for connectivity and agronomic insights.

  • Funding: Eligible under Polish Agriculture 4.0 subsidies.

  • Farmer Benefits: Sustainable farming practices with modernized technology solutions.

NEW PRODUCTS
Agrology & Topcon Agriculture Unveil New Products

Agrology Launches Real-Time Nitrous Oxide Sensor

  • Innovation: In-field sensor provides real-time N₂O measurements, reducing reliance on emission estimates.

  • Purpose: Support precise nitrogen management across diverse crop types and systems.

  • Accessibility: Designed with cost-effective pricing for broad adoption in farming operations.

  • Status: Limited release, undergoing validation with industry experts.

Topcon Agriculture Unveils TMR Flex Pro for Feed Management

  • Functionality: Modular feeding system offers real-time data on feed metrics for dairy and beef farms.

  • Adaptability: Integrates with Digi-Star scales and load cells for farms of all sizes.

  • Features: Includes ingredient tracking, refusal recording, and cloud-based TAP FEED platform.

  • Ease of Use: User-friendly interface reduces training time for new operators.

OTHER NEWS
Other Updates: New Partnerships, Trials, Results and Research Insights

  • Gene-Edited Microbes for Fertilizer Alternatives: A study by University of Wisconsin-Madison, Purdue University, and Pivot Bio highlights the potential of gene-edited microbes to replace synthetic fertilizers in crop systems.

  • Syngenta’s R&D Expansion: CHF 40 million investment to modernize Münchwilen, Switzerland, R&D facilities by 2027.

  • Lavie Bio Expands Yalos®: Successful trials show a 5% yield increase in soybean crops, now included in its bio-inoculant seed treatment portfolio.

  • LED Lighting for Pepper Yields: UBC research tests TLF 2.0 LED systems with seed varieties from Syngenta and Rijk Zwaan, optimizing pepper cultivation.

  • Bioceres Revenue Down: Q1 2024 revenue dropped 20%, with gross margins improving slightly to 40.2%.

  • Bayer Crop Science: Q3 2024 sales fell 3.6% due to reduced demand for glyphosate-based herbicides, offset partially by fungicide and insecticide growth.

  • CRISPR Patent Growth: Agricultural CRISPR patents increased by 58% in 2022, highlighting innovations in gene-edited crops.

  • World Agri-Tech Summit: Start-ups will showcase climate-resilient solutions in Dubai, including technologies from Grow For Me and KISSANAI.

  • Cibus Advances Canola Traits: New gene edits introduce a fourth mode of action against Sclerotinia, boosting disease resistance and productivity.

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