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Innovations in AgTech: Funding Boosts for Biochar, Farm Data, and Seed Tech
Recent Funding Rounds Propel Growth in Sustainable Agriculture Technologies
Sepehr Achard
August 02, 2024
Good morning, readers!
In this issue, we're excited to share some big news in the world of agricultural technology! Applied Carbon, Leaf, and InnerPlant have secured fresh funding to boost innovations in biochar production, farm data management, and seed technology.
We'll also dive into the latest financial updates, strategic partnerships, and upcoming events shaping the agtech industry.
Let's explore these exciting changes together!
Estimated Reading Time: 6 - 7 minutes
Here's a Quick Rundown of The Main Topics Covered in Today's Edition:
FUNDING ROUND
Applied Carbon Raises $21.5M to Scale Biochar Production
Image provided by Applied Carbon
Applied Carbon, a pioneering technology company specializing in automated biochar production, has announced the successful closure of a $21.5 million Series A funding round.
Who Participated In The Round?
This round was led by TO VC, with participation from Congruent Ventures, Grantham Foundation, Microsoft Climate Innovation Fund, S2G Ventures, Overture.vc, Wireframe Ventures, Autodesk Foundation, Anglo American, Susquehanna Foundation, US Endowment for Forestry and Communities, TELUS Pollinator Fund for Good, and Elemental Excelerator.
How Will The Funds Be Used?
The new funds will be used to deploy a fleet of biochar machines across Texas, Oklahoma, Arkansas, and Louisiana, delivering high durability carbon removal and agricultural services.
Strategic Vision and Recognition
Joshua Phitoussi, co-founder and managing partner at TO VC, underscored the importance of biochar in addressing climate change: “Biochar is unique in its potential to sequester carbon at a permanence and price point conducive to mass-scale adoption. Applied Carbon turns that potential into reality.”
FUNDING ROUND
Leaf Secures $11.3M Series A Funding Led by Spero Ventures
Image provided by Leaf
Leaf, the premier unified farm data API and the largest farm data processing platform, has announced the successful closure of a $11.3 million Series A funding round.
Who Participated in The Round?
The round was led by Spero Ventures, with participation from all existing investors. In addition, Andrew Parker has joined Leaf’s Board of Directors, bringing further expertise to the company’s leadership
Leadership and Vision
G. Bailey Stockdale, co-founder & CEO of Leaf, was inspired to create Leaf after experiencing firsthand the difficulties of connecting agriculture data while developing agronomy tools for his family’s farm. Taking inspiration from successful tools in other industries, such as Stripe and Plaid in finance, Twilio in telecom, and Nylas in communications, Stockdale envisioned a product allowing agricultural companies to manage their data more effectively and efficiently.
FUNDING ROUND
InnerPlant Secures $30M Series B Funding
Image provided by InnerPlant
InnerPlant, a seed technology company focused on enhancing farming efficiency and sustainability announced a $30 million Series B funding round.
Who Participated In It?
The round is led by a coalition of large North American farmers headed by Coutts Agro, with participation from Systemiq Capital, and previous investors Deere & Company and Bison Ventures.
Farmer-Centric Innovation
Shely Aronov, CEO and co-founder of InnerPlant emphasized the importance of farmer involvement in the funding round. “We’re very proud that this round is being led by the people who best understand what’s needed on the farm and what innovation in agriculture looks like,” Aronov said. “We’ve always put farmers at the center of everything we do, and this investment validates that farmer-centric culture and our technology.”
FINANCIAL RESULTS
Diverse Q2 2024 Results: FMC Corporation Shows Strong Growth, CNH Industrial Faces Declines, and Corteva Sees Steady Performance
FMC Corporation Reports Strong Q2 2024 Financial Results
FMC Corporation (NYSE: FMC) reported strong financial results for the second quarter of 2024. Key highlights include a 2% rise in revenue to $1.04 billion, a remarkable 879% increase in GAAP income per diluted share, and a 26% increase in adjusted earnings per share to $0.63. The company achieved an 8% rise in adjusted EBITDA to $202 million, supported by a 14% increase in sales volume. FMC revised its 2024 revenue outlook to $4.30-$4.50 billion, expecting a 15% revenue increase in the second half. CEO Pierre Brondeau noted a gradual recovery in demand and inventory management.
CNH Industrial Reports Q2 2024 Financial Results with Notable Decline
CNH Industrial N.V. (NYSE: CNH) reported a decline in net income and revenues for the second quarter ending June 30, 2024. The company's net income was $438 million with diluted earnings per share of $0.34, a significant drop from the same quarter the previous year. Consolidated revenues were $5.49 billion, representing a 16% decrease year-over-year. CEO Gerrit Marx acknowledged the challenging market conditions and emphasized the need for prudent business management throughout 2024, with a strategic focus on positioning for 2025. Looking ahead, CNH Industrial has revised its 2024 outlook, projecting declines in global industry retail sales for both agriculture and construction equipment markets, among other changes. Additionally, effective January 1, 2025, CNH Industrial will transition from a foreign private issuer to a U.S. domestic issuer.
Corteva Reports Solid Q2 2024 Financial Results
Corteva, Inc. (NYSE: CTVA) reported its financial results for the second quarter of 2024, with net sales of $6.11 billion, a 1% increase year-over-year. The Seed segment saw a 2% increase in net sales to $4.33 billion, while Crop Protection sales remained flat at $1.8 billion. The company adjusted its 2024 outlook, projecting net sales between $17.2 billion and $17.5 billion, with operating EBITDA expected to grow by 4% at the midpoint. CEO Chuck Magro highlighted the strong performance of the Seed segment and emphasized Corteva's commitment to meeting its full-year goals despite market challenges.
OTHER NEWS
This Week’s Other News: Partnerships, Certifications, Acquisitions & More!
Image provided by unsplash
🤝 Varda has announced a strategic partnership with Hemav to enhance the efficiency and sustainability of agribusinesses. This collaboration aims to integrate Varda’s Global FieldID service with Hemav’s AI platform, Layers, to accelerate field mapping and digitalization, monitor crops, and provide accurate predictions across the entire value chain.
🐜 Bühler & NRGene recently inaugurated the North American Insect Center (NAIC). Located in Saskatoon, Canada, it serves as a research and demonstration hub for optimizing the growth and utilization of Black Soldier Fly larvae. The facility allows potential investors and stakeholders to assess the viability of full-scale insect protein production by offering them a chance to evaluate different BSF varieties and their adaptability to various by-product streams.
✈️ Heinen Brothers Agra Services and its subsidiary Kelly Hills Unmanned Systems have been approved for a Federal Aviation Administration (FAA) Unmanned Aerial Systems (UAS) test range. To celebrate this milestone, the companies will host a grand opening event featuring test flights on August 22, 2024.
💰 ICL (NYSE: ICL) (TASE: ICL) has announced the acquisition of Custom Ag Formulators (CAF), a North American provider of customized agriculture formulations and products for growers. The deal, valued at approximately $60 million, represents ICL’s second acquisition of 2024, aimed at broadening its Growing Solutions product offerings and positioning the business for growth in new and adjacent markets.
📈 MustGrow Biologics received Idaho State Department of Agriculture registration approval for TerraSante™, its mustard plant-based organic biofertility product. TerraSante™ aims to enhance soil health, improve nutrient uptake, and increase plant yields sustainably. The product is free of artificial additives or preservatives, focusing on long-term soil and ecological health.
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