- AgTech Digest
- Posts
- European Funding
European Funding
This Week’s Highlights: xFarm Raises €36M, Blue Radix Bags €5M, BASF’s Focus on Agricultural Innovation, and Rumin8’s Methane-Reducing Feed Additives
Sepehr Achard
October 11, 2024
In partnership with Harnois Greenhouse
Welcome to This Week’s AgTech Digest!
In partnership with Harnois Greenhouse, we’re excited to bring you the latest updates in the world of agricultural technology. This week, we cover groundbreaking innovations, major funding rounds, and exciting partnerships that are shaping the future of farming. From AI-powered crop management tools to methane-reducing livestock solutions, we’ve got all the highlights you need to stay informed.
Grab a coffee, check out our table of contents, and dive into this week’s digest!
What We Are Covering Today?
Estimated Reading Time: 8 - 9 minutes
You can also listen to the full episode on Spotify, Apple Podcasts, or below👇
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.
FUNDING & INVESTMENTS
This Week’s Investments: xFarm Technologies, Greeneration & Blue Radix Bag Funding
xFarm Technologies Raises €36M in Series C
Funding led by: Partech's Impact fund, with participation from Mouro Capital, Swisscom Ventures, and United Ventures.
Expansion focus: Doubling European presence; new markets in Latin America, India, Turkey, and U.S.
Tech focus: AI, regenerative agriculture, and FinTech services.
Largest Series C in Europe: Strengthening their position as a leading player in smart farming solutions.
Proteine Resources Secures €1.36M for Insect Protein Expansion
Investment led by: SMOK Ventures and Bitspiration Booster VC.
Purpose: Scale sustainable insect protein production.
Revenue target: €62M by 2030.
Tech advantage: Insects contain 70% protein, with 3-5x more essential amino acids than competitors.
Growth plan: First factory by 2025, managed by AI-driven breeding units.
Future Food Foundry Invests in Greeneration
Investment focus: UAE-based 3F supports Greeneration, a Dubai vertical farm.
Strategic shift: Transitioning from premium greens to health-focused products (superfoods, adaptogens, medical herbs).
Goals: Promote health and sustainability, reduce UAE's reliance on imports.
Outcome: Greeneration to launch sub-brands under a "longevity platform."
AcreShield Raises $2.5M for AI-Powered Yield Optimization
Key product: Yield Optimizer™, an AI-driven seed selection platform.
Lead investors: Vertical Ventures Inc.
Market potential: Addresses the $1 billion agriculture market and U.S. farmers' Yield Gap.
Benefits: Farmers receive payouts of up to $100 per acre if yields fall within the Yield Gap.
Blue Radix Secures €5M to Scale Autonomous Greenhouse Tech
Investment from: Navus Ventures and Horticoop.
Technology: AI-powered Crop Controller automates climate and irrigation in greenhouses.
Current use: Implemented in nearly 100 greenhouses globally.
Growth goals: Scale commercial growth, increase yields, and cut energy costs amid industry challenges.
How do you feel about the current state of the AgTech industry? |
STRATEGIC PARTNERSHIPS
This Week’s Partnerships: BLOOM FRESH™ Acquisition, Netafim, CIBO Technologies & Planet Labs Partnership
BLOOM FRESH™ Acquires Inka's Berries
Acquisition focus: BLOOM FRESH™ expands its fruit breeding portfolio by acquiring Peru-based Inka's Berries.
Key varieties: No-chill blueberry breeds like Abril Blue+ and Alessia Blue+.
Strategic goal: Expand blueberry varieties adaptable to warm climates, enhancing global food security.
Method: Focus on natural breeding methods for sustainable, high-quality fruit production.
Netafim and Phytech Partner for Real-Time Precision Irrigation
Companies involved: Orbia's Netafim (precision agriculture) partners with Phytech (irrigation tech).
Technology: Phytech’s mobile platform integrates into Netafim's GrowSphere™, providing real-time crop health and irrigation insights.
Impact: Predictive algorithms offer precise water and fertilizer recommendations, reducing waste and improving operational efficiency for growers.
CIBO Technologies Partners with Scoular for Regenerative Agriculture Data
Purpose: Improve data collection on regenerative ag practices to reduce emissions for low-carbon intensity crops.
Focus: Enable biofuel producers to qualify for tax credits under Section 45Z of the Inflation Reduction Act.
Benefits: Scoular’s farmers will better capture data needed for incentives, enhancing sustainability and regulatory compliance.
CH4 Global Teams Up with Marine Botanist to Reduce Livestock Methane
Product: Methane Tamer™, a livestock feed supplement developed in partnership with marine botanist Dr. Jennifer Smith.
Target: Reduce methane emissions from livestock, a potent greenhouse gas.
Development: Building the world's largest Asparagopsis cultivation facility in Australia, aiming to produce low-methane beef and dairy.
Focus: Scale Asparagopsis taxiformis farming globally for methane reduction in agriculture.
VOLTZ Vertical Farming and Gautier Semences Launch New Lettuce Varieties
Focus: Introduction of seven new lettuce varieties tailored for indoor and vertical farming.
Key varieties: JAVELO, BELANICE, FLORIGO, VERIGO, ANSELO, REDIGO 2, RUBYGO 2.
Benefits: Rapid growth, high yields, resistance to common issues like tipburn and bolting.
Goal: Enhance sustainable agriculture through optimized seed varieties for controlled environments.
Planet Labs Partners with SatAgro for Precision Sugar Beet Monitoring
Region: Red River Valley (North Dakota and Minnesota).
Technology: Planet Labs provides near-daily Earth observation data integrated with SatAgro’s precision farming interface.
Focus: Real-time monitoring of harvest progression, yield formation, and forecasts for sugar beet crops.
Outcome: Enhanced decision-making for crop management and sustainability, improving inputs and yield predictions.
SPONSORED
GrowDirector Launches AI Agronomist for Real-Time Crop Health and Management
Product: AI Agronomist, an AI-powered tool for diagnosing plant health and providing management advice.
Technology: Utilizes image recognition and natural language processing (NLP) to detect plant issues.
Key features:
Instant diagnosis of plant diseases, pests, and environmental stress factors through text, speech, or photo input.
Customized treatment options, including both chemical and organic solutions.
Recommendations for introducing beneficial insects as part of integrated pest management for natural pest control.
Impact: Simplifies crop care by providing expert-level guidance on demand, reducing risks associated with delayed diagnoses or improper treatments.
NEW PRODUCTS
New Product Releases: Topcon, Reinke & ARM
Topcon Agriculture Launches Value Line Steering Solution
Product: Autosteering solution for small and mid-range tractors.
Key features: GNSS receiver, electric steering controller, touchscreen console, Horizon Lite software.
Compatibility: Front-wheel-steer tractors, ISOBUS-UT functionality for universal compatibility.
Benefits: Increased field operation efficiency, reduced input costs (seeds, fertilizers, fuel), and higher precision through satellite or RTK correction services.
Reinke Manufacturing Introduces E3™ Precision Series Irrigation Systems
Product: Center pivot irrigation systems for precision water management.
Key features: ReinLock™ Truss System, V-ring seals, ESAC™ Corners for uniform water application.
Customization: Configurable to fit diverse field conditions.
Benefits: Improved water use efficiency, reduced maintenance costs, and better yield outcomes.
Ag Resource Management (ARM) Releases SYNTHESIS® 2.0 Lending Platform
Product: Updated lending and underwriting platform for farmers.
Key features: Real-time financial insights, faster loan approvals, mobile check depositing, advanced budgeting tools.
Focus: Data-driven decision-making, increased control, and automation in the financing process.
THIS WEEK’S INTERVIEW
Interview with Soli Organic’s CEO: Expansion & Innovation – A Strategic Approach to Growth
Image provided by Soli Orgranic
Expansion into Texas Triangle with Advanced San Antonio Facility
New facility: 140,000-square-foot, highly advanced operation in San Antonio, Texas.
Strategic location: Positioned in the Texas Triangle to serve 3,000 retailers and millions of customers in Dallas, Austin, and San Antonio.
Local food systems: Aims to reduce food miles and strengthen supply chains by growing and distributing more locally.
Sustainability: Facility uses 90% less water and 99% less land than traditional farming methods, thanks to Soli Organic’s proprietary growing system.
Electric Truck Pilot to Reduce Carbon Footprint
Sustainability initiative: Soli Organic is piloting electric trucks within its logistics operations to reduce food miles.
Metrics: Evaluating performance on cost per mile, ability to handle challenging terrain, and compatibility with delivery schedules.
Partnership: Penske Truck Leasing provides maintenance and access to charging infrastructure.
Future plans: After a six-month pilot, Soli Organic will decide whether to expand electric vehicles into its nationwide fleet.
OTHER NEWS
Other News: A New Bill Proposes Tax Credits For AgTech Investments, A Potential Future IPO & More!
"Supporting Innovation in Agriculture Act of 2024" Proposes 30% Tax Credit for AgTech Investments
Proposal: A 30% tax credit for investments in agricultural technologies such as precision agriculture and controlled environment agriculture.
Goal: Encourage the adoption of advanced AgTech to improve efficiency, sustainability, and crop yields.
Current status: Under review by the Committee on Ways and Means.
Potential impact: If passed, it would provide financial incentives for farmers and agribusinesses to modernize operations.
BASF Refocuses on Agricultural Solutions with Sustainability at the Core
Focus areas: Modernizing portfolio management, capital allocation, and performance culture.
Strategy: Emphasizes agricultural innovation, sustainability, and operational flexibility.
Long-term goals: BASF aims to complete legal and ERP separation by 2027, potentially leading to an IPO.
Rumin8 Secures Regulatory Approval in Brazil for Methane-Reducing Feed Additives
Product: Methane-reducing feed additives based on Tribromomethane (TBM).
Regulatory status: Approved by Brazil’s Ministry of Agriculture, Livestock, and Food Supply, following provisional approval in New Zealand.
Market opportunity: Brazil’s large cattle industry presents a significant opportunity for reducing methane emissions and driving sales.
BioConsortia's Amara™ Biofungicide Receives EPA Registration
Product: Amara™, a biofungicide/bactericide offering an alternative to chemical fungicides.
Target market: High-value fruit and vegetable production.
How Did You Like Today's Newsletter? |
Reply