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AgTech Horizons: Funding, Partnerships & Acquisitions

Spotlighting SOLASTA Bio, Farmland LP, Kubota, and More: This Week in AgTech.

Author

Sepehr Achard
September 13, 2024

In partnership with Harnois Greenhouse

Welcome to this week's AgTech digest!

In this issue, we spotlight new funding driving advancements in bioinsecticides, pest control, and regenerative agriculture.

We also bring you key insights from global carbon field trials, significant mergers and acquisitions, and the latest industry awards and partnerships shaping the future of agriculture.

Dive into the details below!

What We Are Covering Today?

Estimated Reading Time: 6 - 7 minutes
Listening Time: 13 - 14 minutes

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 ROUNDS
Funding This Week: $30M+ Raised for Bioinsecticides, Soil Carbon Credits, and Pest Control

Image provided by SOLASTA Bio

This week’s funding announcements brought in over $30 million to support advancements in regenerative agriculture and biological crop protection. The investments target critical areas such as soil carbon credits, bioinsecticides, and pest control solutions, with funding led by key industry investors and climate-focused funds. Here's a breakdown of the key funding news:

  • Catalera BioSolutions (HQ: Vancouver, Canada):

    • Announced the initial close of its Series A funding round, targeting a total of $8 million by Q4 2024.

    • S2G Ventures led the round, with additional support from Farm Credit Canada (FCC) Capital.

    • Launched in May 2024 as a spin-out from Terramera, Catalera focuses on developing biological pest control solutions to address adoption challenges in agriculture.

  • SOLASTA Bio (HQ: Glasgow, Scotland):

    • Raised $14 million in an oversubscribed Series A round, bringing total funding to $19 million.

    • Led by Forbion via its BioEconomy fund, with co-investments from FMC Ventures, Corteva Catalyst, and others.

    • SOLASTA’s peptide-based bioinsecticides demonstrated strong efficacy in over 20 trials across Europe, the UK, and the US. The funding will be used to scale commercialization.

  • Farmland LP (HQ: San Francisco, USA):

    • Secured investment from Microsoft’s Climate Innovation Fund for its Vital Farmland III LLC fund.

    • Manages 18,500 acres of regenerative farmland and focuses on creating Soil Carbon Credits to sequester CO2.

    • The funding supports protocols to expand the soil carbon credit market and promote sustainable farming on a larger scale.

CARBON FIELD TRIALS
BASF's Global Carbon Field Trials Show Up to 30% Reduction in Agricultural Greenhouse Gas Emissions

Image provided by BASF

BASF has released the first results from its multi-year Global Carbon Field Trials, revealing that tailored climate-smart approaches can reduce agricultural greenhouse gas (GHG) emissions by up to 30%. The trials, conducted between 2021 and 2023, are part of BASF’s commitment to helping farmers lower emissions per ton of crop produced, a goal set in 2020.

Key Findings:

  • The trials spanned multiple geographies and crops, including wheat, corn, canola/oilseed rape, rice, and soy.

  • Results highlighted that GHG reduction strategies must be adapted to specific crops and regional conditions, showing that a one-size-fits-all solution is not effective.

Climate-Smart Approaches:

BASF’s trials underscored the effectiveness of several innovative strategies in reducing emissions while maintaining productivity:

  • Optimized fertilizers combined with digital decision support systems and nitrogen stabilizers played a critical role in minimizing emissions.

  • The use of high-performing seeds demonstrated that sustainability improvements don’t have to come at the cost of yield or productivity.

The report emphasizes that reducing agricultural emissions is possible, but requires a combination of advanced products, technologies, and region-specific farming practices to be successful.

For further details and access to the full report, visit: BASF Carbon Field Trial Program.

MERGERS & ACQUISITIONS
This Week’s Key Acquisitions: Expanding Indoor Farming in Asia and AI Imaging in the U.S.

Image provided by KUBOTA

This week saw significant acquisitions in the AgTech space, with over $20 million invested in expanding indoor farming in Singapore and the acquisition of an AI-powered imaging company in the U.S. The focus areas include controlled environment agriculture and AI-driven precision farming solutions, further enhancing innovation in sustainable food production and crop health monitoring. Here are the main developments:

  • Future Food Foundry (3F), a UAE-based agri-food tech company, announced a $20 million investment to merge NextGen Farms and Sustenir Group, creating Singapore’s largest plant superfood ecosystem under the Sustenir brand.

    • The merger enhances 3F’s capabilities in controlled environment farming, focusing on locally grown superfoods like kale and spinach to reduce reliance on food imports.

    • This move is part of 3F’s broader strategy to expand its footprint in the Asia-Pacific and MENA regions, focusing on sustainable agriculture and food security.

  • Kubota Corporation, through its North American subsidiary, acquired Bloomfield Robotics, Inc., a Pittsburgh-based company specializing in AI-driven imaging technology for specialty crops.

    • Bloomfield’s technology uses tractor-mounted cameras and a SaaS platform to capture detailed images of individual plants, providing data on fruit size, color, and maturity.

    • This acquisition strengthens Kubota’s focus on precision agriculture, expanding its offerings in AI-powered crop health assessments across seven countries and three continents.

OTHER NEWS
AgriTech Weekly: Awards, New Partnerships, Investments & More!

This week saw major developments in the AgTech sector, from industry awards and new partnerships to significant investments in precision farming and manufacturing automation. Here’s a breakdown of the key news:

  • SVG Ventures | THRIVE:

    • Announced the 2024 THRIVE Top 50 AgTech and FoodTech companies, highlighting the most innovative, venture-backed firms driving sustainable transformation in agriculture and food production.

    • This year's Top 50 includes companies like Gotham Greens, Oishii, Beewise, Ynsect, and Pivot Bio, showcasing innovations in areas like urban farming, sustainable protein, and AI-powered pest management.

  • FarmWise™ and RDO Equipment Co. Partnership:

    • FarmWise, a leader in AI-powered precision farming, partnered with RDO Equipment Co. to introduce the Vulcan precision weeding implement to vegetable growers in the Southwest United States.

    • Vulcan has been successfully integrated into the operations of major producers such as Taylor Farms and Barkley Farms, with Taylor Farms already weeding over 2,100 acres this season using Vulcan.

  • Reinke Manufacturing:

    • Announced a $12 million investment to modernize and automate its manufacturing facilities in Deshler, Nebraska.

    • The investment will introduce advanced robotic technologies aimed at increasing production efficiency and expanding the capacity for Reinke’s precision irrigation systems.

  • GreenVenus, LLC:

    • Launched a new fast-growing lettuce variety developed for controlled-environment agriculture (CEA), which grows nearly twice as fast as traditional varieties and produces a larger biomass.

    • This development is part of GreenVenus’ broader focus on creating high-performance crops for the vertical farming industry, improving productivity under controlled conditions.

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