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Harvesting Capital
Featuring Investments from Micropep, Pyka, and Gevo, Plus AI Innovations from Nanovel and Enko Chem.
Sepehr Achard
September 27, 2024
In partnership with Harnois Greenhouse
Welcome to this week's AgTech digest!
This week’s digest covers major investments in AgTech, from sustainable crop protection to electric UAVs.
We also explore new partnerships in animal agriculture, AI-powered solutions in fruit harvesting, and the latest acquisitions and financial updates in the industry.
Dive into the details below!
What We Are Covering Today?
Estimated Reading Time: 7 - 8 minutes
Listening Time: 14 minutes
SPONSORED BY HARNOIS
Ontario Building Code Updates: Harnois Greenhouses Already Meets New Requirements
The Ontario government has updated its building code, introducing stricter safety regulations for greenhouses to better withstand wind and snow loads. These changes aim to protect structures from the increasing frequency of extreme weather, aligning Ontario with standards seen in regions like British Columbia.
Key Updates:
Wind Loads: Greenhouses in areas like Southern Ontario and the Great Lakes region must now withstand stronger winds.
Snow Loads: Stricter requirements are in place for snow accumulation in regions like Northern Ontario.
While these changes may increase construction costs and extend project timelines, companies like Harnois Greenhouses have been proactive. Harnois has long designed its structures to meet these high standards, ensuring no impact on pricing for its clients.
What It Means for Growers:
Short-Term Impact: Some growers may face delays or increased costs as structures are re-engineered to meet the new requirements.
Long-Term Benefit: The new regulations will lead to stronger, more durable greenhouses, ensuring greater resilience against extreme weather and long-term cost savings.
Need help navigating the new regulations? Contact Harnois Greenhouses for solutions that meet or exceed the updated Ontario building code without impacting your budget or timelines.
FUNDING & INVESTMENTS
This Week’s Investments: AgTech Innovation, Sustainable Crop Protection, and Electric UAVs
Image provided by Micropep Technologies
This week saw several key investments aimed at advancing agriculture and technology. Here’s a quick breakdown of the highlights:
SVG Ventures $50M Sunrise Fund
Partnership: Kagome Co., Ltd. and SVG Ventures launched a $50M fund through their Sunrise Fund.
Goal: To invest in sustainable solutions that address global agricultural challenges over a 10-year period.
Micropep Technologies
Series B Funding: Closed an additional $11M, bringing its total Series B round to $40M.
Key Investors: Corteva Inc. and Sparkfood SA.
Focus: Developing sustainable crop protection solutions using its proprietary Krisalix™ discovery platform.
Pyka’s $40M Series B
Funding Raised: Secured $40M in a Series B round led by Obvious Ventures.
Innovation: Specializes in autonomous electric aircraft for agriculture, cargo, and defense.
James Hutton Institute $3.21M Research Initiative
Total Funding: Awarded £2.4M to support research on:
Medicinal cannabis.
Vertical farming technologies.
Indoor lettuce cultivation.
Key Support: Includes funding from the Biotechnology and Biological Sciences Research Council (BBSRC).
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ANIMAL AGRICULTURE
Innovations in Animal Agriculture and Dairy Farming
Two major partnerships were announced this week, focusing on advancing sustainability and efficiency in animal agriculture:
Ginkgo Bioworks & NOVUS International
Partnership Focus: Developing advanced feed additives using Ginkgo’s Enzyme Services to improve livestock health and performance.
Impact: The additives will benefit chickens, pigs, and cows, helping producers provide nutritious, affordable animal products.
Goal: To create more efficient, cost-effective enzymes that enhance the sustainability and efficiency of animal production systems.
Zoetis & Danone
Partnership Focus: Promoting sustainable dairy farming practices through animal genetics.
Technology: Zoetis’ genetic testing solutions predict disease susceptibility and improve lifelong productivity, supporting farm resilience.
Tool: Zoetis’ Dairy Wellness Profit Index helps farmers make informed decisions on breeding and culling, aligning with Danone’s sustainability goals.
NEW PRODUCTS
AI-Powered Fruit Harvesting and Advanced Pest Control
Image provided by Nanovel
Two exciting developments in AgTech this week highlight the use of AI to solve labor shortages and improve crop protection:
Nanovel’s AI-Powered Fruit-Harvesting Robot
Innovation: Nanovel, an Israeli startup, has launched an autonomous robot designed to harvest citrus fruit from densely populated trees.
Impact: The robot addresses labor shortages and operational costs by using AI and advanced vision technology to identify and pick fruit 24/7.
Support: The California Citrus Research Board has signed a $900,000 agreement to support field trials starting in 2025, collaborating with leading citrus growers in California.
Enko Chem’s AI-Driven Pest Control Platform
Breakthrough: Enko Chem has validated its ENKOMPASS™ platform, which rapidly discovers new pest control solutions.
Speed: The platform can identify new weed control targets and chemical inhibitors in just four months.
Impact: This AI-driven approach offers more efficient, sustainable pest control options, helping farmers mitigate crop losses and adapt to changing environmental conditions.
FINANCIAL STRUGGLES & ACQUISITIONS
Ynsect’s Financial Struggles and Gevo’s Acquisition
Ynsect Faces Financial Challenges
Update: French startup Ynsect has entered court-supervised protection due to financial difficulties and delays in securing new funding.
Background: Despite raising $600 million since 2011, Ynsect is facing challenges while building the world’s largest vertical insect farm in the Somme region.
Next Steps: The court protection freezes debts for six months, giving Ynsect time to secure fresh capital and move forward with its industrial process launch. The company remains optimistic and in talks with investors.
Gevo Acquires CultivateAI for $6 Million
Acquisition: Gevo has acquired Cultivate Agricultural Intelligence, LLC for $6 million in cash, with potential earn-out payments.
Impact: The acquisition will integrate CultivateAI’s data and analytics platform into Gevo’s subsidiary, Verity, enhancing carbon accounting and tracking services for food, feed, fuel, and industrial markets.
Growth: The business is expected to generate $1.7 million in revenue in 2024 and operate with positive cash flow, bringing new clients and boosting Gevo’s overall operations.
OTHER NEWS
Other News: Advancements in Climate Tech, Banana Breeding, and Vertical Farming
Hydrosat Expands AgTech Solutions in Latin America
Partnerships: Hydrosat, a climate tech company, has signed four new agreements with EE Print Pack, Rex Irrigación Huasteca, and Grupo INDERS to bring its thermal imagery technology to farmers in Mexico and Guatemala.
Chiquita Unveils Disease-Resistant Banana Hybrid
Development: In collaboration with KeyGene, MusaRadix, and Wageningen University, Chiquita has introduced Yelloway One, a banana hybrid resistant to Tropical Race 4 (TR4) and partially resistant to Black Sigatoka.
Farmer Voice Survey: Climate Change Impacts Global Agriculture
Survey Results: A survey of 2,000 farmers across 8 countries revealed that 75% of farmers are impacted by or concerned about climate change. 75% expressed openness to adopting new technologies to cope with climate impacts. Read the complete study here.
LettUs Grow Spins Out Ostara to Enhance Indoor Farming
Spin-Out: LettUs Grow has spun out Ostara, a software platform managing lighting, irrigation, and environmental controls for Controlled Environment Agriculture (CEA) farms, with over 30 deployments across the UK.
Hectar Selects Four Startups for its 9th Acceleration Program
Cohort: Hectar, in collaboration with the HEC Paris Incubator, has chosen BioAZ, Innofenso, Leafy, and Osiris Agriculture for a three-month acceleration program starting in October 2024.
Plenty Opens World’s First Vertical Strawberry Farm
New Facility: Plenty Unlimited Inc. has launched the first large-scale indoor farm for vertically farmed strawberries in Richmond, Virginia. In partnership with Driscoll’s, the farm will produce 4 million pounds of strawberries annually, using 30-foot-tall vertical growing towers.
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