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AgTech Investments

Greeneye Technology, an Israeli AgTech startup closed a seed funding round of $7 million

Greeneye Technology, a leading AgTech company with a focus in precision agriculture, announced that it closed a seed funding round of $7 million, led by Jerusalem Venture Partners (JVP) and participation from Syngenta Ventures, 2B Angels, One Way venture, Panache Ventures Techstars, and Hyperplane Venture Capital.

The company is based in Tel-Aviv, Israel and was established in 2017. The founders have been working closely as a team since 2004, after serving together in the Israeli Special Air Force Unit. Greeneye provides an alternative and sustainable solution for the current crop protection practice in order to meet the globally growing demand for food, while increasing the profitability and productivity for farmers.

We are thrilled to have JVP an international leading VC fund and Syngenta as a strategic and industry expert investors to help fuel Greeneye’s growth. Both our investors share with us the understanding that the way farmers spray chemicals in agriculture is about to be massively disrupted to a more efficient and sustainable manner.

Nadav Bocher, Co-Founder and CEO, Greeneye Technology

Greeneye utilizes artificial intelligence and deep learning technology to revolutionize the pest control process in agriculture, transitioning from the current practice of broadcast and wasteful spraying of pesticides to precise spraying in real-time. Greeneye’s proprietary selective spraying (SPP) system turns every sprayer into a smart machine with seamless integration, and saves up to 90% of the chemical cost.

Greeneye’s technology maps an entire field with cameras at a plant level resolution, offering a robust scouting solution for detecting and killing weeds. Currently, farmers worldwide spray their fields uniformly without distinguishing between crops, soil, and weeds.

Read more at PR Newswire

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AgTech FoodTech

Attractive opportunities in Artificial Intelligence in Agriculture Market

Agriculture and farming is one of the oldest and most important professions in the world. Humanity has come a long way over the millennia in how we farm and grow crops with the introduction of various technologies. By 2050, the planet’s population is likely to rise to 9.7 billion, a rise of 2 billion from now. Along with increase in population, there is a substantial increase in the lifestyle. Those people will not only need to eat, they will want to eat better than people do now, because of higher incomes. However, only 4% additional land will come under cultivation by then.

In this context, use of latest technological solutions to make farming more efficient, remains one of the greatest imperatives. Farming is becoming a branch of matrix algebra. Farm operations involve a set of variables, such as the weather, soil’s moisture levels and nutrient content, competition to crops from weeds, threats to their health from pests and diseases, and the costs of taking action to deal with these things. If the algebra is done correctly, the yield gets optimised resulting in maximization of profit.

Agriculture is seeing rapid adoption of Artificial Intelligence (AI) and Machine Learning (ML) both in terms of agricultural products and in-field farming techniques. While Artificial Intelligence (AI) sees a lot of direct application across sectors, it can also bring a paradigm shift in how we see farming today. The industry is turning to AI technologies to help yield healthier crops, control pests, monitor soil and growing conditions, organize data for farmers, help with workload, and improve a wide range of agriculture-related tasks in the entire food supply chain.

The overall AI in agriculture market is projected to grow from an estimated USD 1.0 billion in 2020 to USD 4.0 billion by 2026, at a CAGR of 25.5% between 2020 and 2026. The market growth is propelled by the increasing implementation of data generation through sensors and aerial images for crops, increasing crop productivity through deep-learning technology, and government support for the adoption of modern agricultural techniques.

Markets and Markets

Recent Developments in AI in Agriculture include:

  1. South African agri-tech startup Aerobotics raised US$5.5 million in funding from Naspers Foundry. Cape Town-based Aerobotics, uses aerial imagery from drones and satellites, and blends them with machine learning algorithms. The startup’s cloud-based application Aeroview provides farmers with insights, scout mapping and other tools to mitigate damage to tree and vine crops from pest and disease.
  2. Insurance Australia Group has bought a multimillion-dollar stake in Digital Agriculture Services. Digital Agriculture Services is a rural technology company based in Melbourne. The company is applying machine learning and AI to develop rural data-powered solutions that transform the way rural assets are assessed, valued and monitored.
  3. Yanmar R&D Europe, with its European research facility based in Florence, Italy, focuses on a variety of field-based studies to bring added value to the agriculture industry. This include the two-year, four-million Euros ‘SMASH’ (Smart Machine for Agricultural Solutions Hightech) project being carried out in cooperation with 10 technology partners to develop a mobile agricultural ‘eco-system’ to monitor, analyse and manage agricultural crops.

Some of the companies active in AI in agriculture includes International Business Machines Corp., Deere & Company, Microsoft Corporation, Farmers Edge Inc., The Climate Corporation, Descartes Labs, Inc., AgEagle Aerial Systems, aWhere Inc., Gamaya Inc., Precision Hawk Inc., Granular, Inc., Prospera Technologies, Cainthus Corporation, Taranis, Resson Inc., FarmBot Inc., Connecterra B.V., Vision Robotics Corporation, Harvest Croo, LLC, Autonomous Tractor Corporation, Trace Genomics, Inc., VineView, CropX Inc., Tule Technologies Inc., Blue River technology, FarmBot and PEAT GmbH .

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AgTech Investments

Insurance Australia Group has bought a multimillion-dollar stake in Digital Agriculture Services

Insurance Australia Group Limited (IAG) is the largest general insurance company in Australia and New Zealand. The Group’s businesses underwrite almost $12 billion of premium per annum, selling insurance under many leading brands. IAG, Australia’s largest general insurer, made the investment in Digital Agriculture Services (DAS) through its $75 million venture capital fund Firemark Ventures.

In April, Firemark Ventures also bought a stake in US start-up Arturo, which applies similar methods as those used by DAS – aerial imaging, AI, data analytics – to an urban setting, assessing risks to individual residential and commercial properties.

Digital Agriculture Services is a rural technology company based in Melbourne. The company was established in partnership with CSIRO, Australia’s national science and research agency, in 2017, with a mission to deliver reliable rural intelligence. The company is applying machine learning and AI to develop rural data-powered solutions that transform the way rural assets are assessed, valued and monitored.

Despite the importance of food and agriculture to our economy, rural data is patchy and fragmented; inaccessible or unintelligible; or simply not connected in a way that’s useful. Every day, business, policy makers and farmers are making decisions without reliable rural data or analytics. This lack of data not only means billions in decisions are being based on inaccurate, unreliable or incomplete data – it means agriculture’s risk profile is far higher than it should be.

Problem statement – DAS

DAS’ founders believe that by providing the most reliable rural intelligence possible, we can give today’s decision makers the data they need to make more informed decisions. Decisions that build competitive advantage, wealth and prosperity for all.

Read more at Financial Review

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AgTech Biotech

Mycocycle, Inc. selected as finalist in the Best World Changing Idea NA, Experimental, and General Excellence categories

The winners of Fast Company’s 2020 World Changing Ideas Awards were announced on April 28, 2020, honoring the businesses, policies, projects, and concepts that are actively engaged and deeply committed to flattening the curve when it comes to the climate crisis, social injustice, or economic inequality.

Mycocycle, Inc.: Converting Waste Streams into Value Streams has been selected as a finalist in the Best World Changing Idea NA, Experimental, and General Excellence categories.

Now in its fourth year, the World Changing Ideas Awards showcase 26 winners, more than 200 finalists, and more than 500 honorable mentions—with Health and Wellness, Corporate Social Responsibility, and AI and Data among the most popular categories. A panel of eminent judges selected winners and finalists from a pool of more than 3,000 entries across transportation, education, food, politics, technology, and more. The 2020 awards feature entries from across the globe, from Vancouver to Singapore to Tel Aviv.

Illustrating how some of the world’s most inventive entrepreneurs and companies are addressing grave global challenges, Fast Company’s May/June issue celebrates, among others, an electric engine for airplanes that eliminates emissions from flights—and expensive fuel from the tricky financial calculus of the airline industry; a solar-powered refrigerator that finally frees people in remote villages from daily treks to distant markets, transforming the economics of those households; an online marketplace that connects food companies with farms to buy ugly and surplus produce to fight waste; and an initiative to offset all of the carbon costs of shipping, creating a new model for e-commerce sustainability.

“I am honored and stunned to have Mycocycle recognized in one category, let alone three,” says Joanne Rodriguez, Founder and CEO of Mycocycle. “We have been working hard to shift the narrative on viewing trash as a resource to drive a more circular solution to waste management. Our ‘mushroom’ tech mimics nature’s processes in a controlled environment to do just that. If we don’t drive innovation in this field, we will continue to face a growing issue that is harmful to environments worldwide.”

Joanne Rodriguez, Founder and CEO of Mycocycle

“There seems no better time to recognize organizations that are using their ingenuity, resources, and, in some cases, their scale to tackle society’s biggest problems,” says Stephanie Mehta, editor-in chief of Fast Company. “Our journalists, under the leadership of senior editor Morgan Clendaniel, have uncovered some of the smartest and most inspiring projects of the year.”

About the World Changing Ideas Awards: World Changing Ideas is one of Fast Company’s major annual awards programs and is focused on social good, seeking to elevate finished products and brave concepts that make the world better. A panel of judges from across sectors choose winners, finalists, and honorable mentions based on feasibility and the potential for impact. With a goal of awarding ingenuity and fostering innovation, Fast Company draws attention to ideas with great potential and helps them expand their reach to inspire more people to start working on solving the problems that affect us all.

For more information about the company, please contact: Joanne Rodriguez, joanne@mycocycle.com, Founder/CEO, Mycocycle, LLC

Categories
AgTech FoodTech

Singapore Food Bowl aims to help regional agri-food tech startups

GROW’s Singapore Food Bowl program aims to help regional agri-food tech startups fast track their growth trajectory and commercialise novel technologies specifically relevant to Singapore’s food security agenda. The 12-week virtual accelerator allows for the local ecosystem to make a change together, by forming a cohort of local and regional startups to address the challenges and opportunities in food security and supply chain highlighted by the current COVID-19 pandemic.

Singapore Food Bowl is targeting startups focused on technologies to accelerate & improve the production of Proteins (animal & alternative) and Leafy greens (controlled environment agriculture) as well as solutions that address Food Waste, Sustainable Packaging and Digital Supply Chains.

If you’re developing technologies that can materially improve productivity in the areas aligned with Singapore’s 30×30 food pillars, namely protein production and leafy greens,

Startups incorporated in Singapore or based in Asia-Pacific and having a minimum viable product (Pre-Seed to Seed stage in terms of funding) are eligible to apply for the accelerator program. Applications for the program can be filled by up to 7th of June.

Read more at Grow

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AgTech Biotech

Precision injection system for plants

Oranges, olives, and bananas are already under threat in many areas due to diseases that affect plants’ circulatory systems and that cannot be treated by applying pesticides. A new method developed by engineers at MIT may offer a starting point for delivering life-saving treatments to plants ravaged by such diseases. The method uses an array of microneedles made of a silk-based biomaterial to deliver nutrients, drugs, or other molecules to specific parts of the plant. The work started in response to a request from the U.S. Department of Agriculture for ideas on how to address the citrus greening crisis, which is threatening the collapse of a $9 billion industry.

The microneedles designed for human use were intended to biodegrade naturally in the body’s moisture, but plants have far less available water, so the material didn’t dissolve and was not useful for delivering the pesticide or other macromolecules into the phloem. The researchers had to design a new material, but they decided to stick with silk as its basis. That’s because of silk’s strength, its inertness in plants (preventing undesirable side effects), and the fact that it degrades into tiny particles that don’t risk clogging the plant’s internal vasculature systems.

The technology has potential to be used to bioengineer disease-resistant varieties of important crops. In experiments with tobacco the researchers were able to inject Agrobacterium to alter the plant’s deoxyribonucleic acid – a typical bioengineering tool, but delivered in a new and precise way.

Read more at MIT News

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AgTech Investments

Yamaha Motor Ventures invest AUD $11 million into Australian AgTech, The Yield

The Yield Technology Solutions (“The Yield”), a leading Australian agricultural technology company, received investment of AUD $11 million, led by Yamaha Motor Ventures. Yamaha Motor Ventures is the strategic business development and investment arm of global technology organisation, Yamaha Motor Co., Ltd. The Yield is developing its proprietary digital application providing microclimate data and predictive insights to support critical production decisions for large commercial growers in the specialty crops industry.

“The Yield is poised to be The Climate Corp of horticulture and we look forward to supporting the team’s strategic plan to scale its data-driven solution to the global specialty crop market.”

Yamaha Motor Ventures 

The Yield works closely with produce growers to design their products and committed to solving real challenges – at farm level and throughout the food chain. They are on a mission to transform food and farming practices by building secure, scalable digital technology. The Yield’s Sensing+ combines sensors and analytics to provide information and predictions in easy-to-use apps that help large commercial growers make important on-farm decisions like when to irrigate, feed, plant, protect and harvest.

Read more at The Yield

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AgTech Biotech

MicroGen Biotech has raised $3.8 million to ensure better food safety and soil health

MicroGen Biotech has raised $3.8 million (€3.47 million) in a funding round led by a number of top US and European agtech investors. MicroGen Biotech is an Irish biotech startup company founded in 2012 by Dr. Xuemei Germaine and a spin-out of the Institute of Technology Carlow. It utilises patented isolation and high-throughput screening methods to isolate functional, high-performance microbiomes for application in agricultural crop production and environmental remediation.

It has a large database of microbes for degrading/immobilising a range of targeted pollutants from soil and for promoting plant growth. Its proprietary microbiome technology blocks the uptake of heavy metals by crops on land that has been contaminated.

MicroGen Biotech focuses on the global market in the Agri-Cleantech sector with specific target market in China. One fifth of Chinese arable land is polluted and stressed, the country has put in place a national safe food and clean soil program to reduce heavy metals. The China Soil Pollution Control Law 2019 encourages the prioritization of bioremediation measures to prevent pollutants from entering food crops.

MicroGen Biotech focuses on three major solutions:

  1. Environmental Bioremediation: Bioremediation is a treatment process that uses microorganisms (including bacteria) and plants to degrade toxic contaminants into less toxic or non-toxic substances.
  2. Plant Growth Promotion: A critically important component of the soil/plant microbiome are Plant Growth Promoting Bacteria or PGPB. Application of PGPBs to crop plants have been shown to significantly increase crop yield when used in low input agricultural systems.
  3. Stressed Agricultural Soil: Stressed soil can be a major inhibitor of agricultural production and globally represents a considerable loss in potential crop yield. Stresses can be biotic (e.g. plant pathogens and insect pests) or abiotic (e.g drought, salinity, heavy metals).

Read more at CarlowLive

Categories
AgTech FoodTech

AgriFood Category Definitions

  1. Ag Biotechnology: On-farm inputs for crop & animal ag including genetics, microbiome, breeding, animal health.
  2. Agribusiness Marketplaces: Commodities trading platforms, online input procurement, equipment leasing.
  3. Bioenergy & Biomaterials: Non-food extraction & processing, feedstock technology, cannabis pharmaceuticals.
  4. Farm Management Software, Sensing & IoT: Ag data capturing devices, decision support software, big data analytics
  5. Farm Robotics, Mechanization & Equipment: On-farm machinery, automation, drone manufacturers, grow equipment.
  6. Midstream Technologies: Food safety & traceability tech, logistics & transport, processing tech.
  7. Novel Farming Systems: Indoor farms, aquaculture, insect, & algae production.
  8. Innovative Food: Cultured meat, novel ingredients, plant-based proteins.
  9. In-Store Retail & Restaurant Tech: Shelf-stacking robots, 3D food printers, POS systems, food waste monitoring IoT.
  10. Restaurant Marketplaces: Online tech platforms delivering food from a wide range of vendors.
  11. eGrocery: Online stores and marketplaces for sale & delivery of processed & un-processed ag products to consumer.
  12. Home & Cooking Tech: Smart kitchen appliances, nutrition technologies, food testing devices.
  13. Online Restaurants & Meal Kits: Startups offering culinary meals and sending pre-portioned ingredients to cook at home.
  14. Cloud Retail Infrastructure: On-demand enabling tech, ghost kitchens, last mile delivery robots & services
  15. Miscellaneous eg. fintech for farmers

Source: AgFunder AgriFood Funding Report

Categories
AgTech FoodTech

Top AgTech and FoodTech Startups

AgTech and FoodTech are on the cusp of next era of productivity and environmental conservation while reducing food waste, improving carbon sequestration, improving water quality, and increasing renewable energy. Below is the glimpse of exceptional companies who are pushing the boundaries of innovation and technology.

These 100 innovative AgTech and FoodTech companies are categorised in 10 broad categories on the basis of specific problems addressed by them.

  1. Crop Nutrition, Health & Protection: AgBiome, Benson Hill Biosystems, BioConsortia, Biome Makers, Ginkgo Bioworks, Inari, Pivot Bio, Trace Genomics, ZeaKal, NewLeaf Symbiotics, Plant Response, Provivi, Semios, Terramera, Vestaron, Zymergen, Indigo Agriculture, Fieldin, Biotalys, Taranis, and TerViva.
  2. Farm Management & Forecasting: Arable Labs, Agrosmart, CropX, Growers Edge, PrecisionHawk, Resson, Solinftec, The Yield, Agworld, Bushel, CropIn, Farmer’s Business Network, Farmobile, Orbital Insight, Prospera Technologies and AgriWebb.
  3. Environmental Impact & Waste: MagGrow, Bowery, BrightFarms, Infarm, AeroFarms, Gotham Greens, Plenty, Enterra, Afresh, FoodMaven, Full Harvest, Lactips, TIPA, AgriProtein, Winnow, and WISErg.
  4. Labor: FarmWise, ecoRobotix, Robotics Plus, Bossa Nova Robotics, and Soft Robotics.
  5. Animal Nutrition & Health: Advanced Animal Diagnostics, and Stellapps.
  6. Food Quality & Safety: Ancera, Hazel Technologies, CMS Technology, Label Insight, Tastewise, Apeel Sciences, and Clear Labs.
  7. Storage, Transportation & Distribution: BluWrap, TeleSense, and Farmer’s Fridge.
  8. Traceability: FoodLogiQ, ICIX, IdentiGEN, and SafeTraces.
  9. Trade: Ninjacart, ProducePay, Brightloom, and Crowd Cow.
  10. Novel Foods & Ingredients: Good Catch, Imperfect Foods, Impossible Foods, JUST, Miyoko’s, Ripple Foods, Soylent, Sunfed meats, Clara Foods, DouxMatok, Epogee, Future Meat Technologies, Geltor, Hinoman, Innovopro, Manus Bio, Memphis Meats, MycoTechnology, Noblegen, Nuritas, Perfect Day, and Protifarm.

Source: SVG Ventures THRIVE Platform