AgTech Digest: Plant Science, Carbon Credit & Intriguing Reports
Discover this week's AgTech Digest as we delve into the first edition of 2024!
Welcome to the AgTech Weekly Digest!
In this week's edition (and the first edition of 2024), we dive into the latest funding rounds, groundbreaking partnerships, significant milestones, and insightful reports that are shaping the future of farming.
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This issue is packed with stories that inspire and inform, from advancements in sustainable phage technology to partnerships that vow to transform agricultural practices. Whether you're a farmer on the frontline of agtech adoption, an investor keen on the next big thing, or simply an enthusiast eager to keep up with the latest trends, there's something here for you.
So, grab your cup of coffee and join us as we explore the exciting developments in agricultural technology.
Agrotoken Secures Pre-Series A Funding for Agri-Tech Innovation
Agrotoken has completed its Pre-Series A investment round, raising $12.5 million from esteemed participants like Bunge and Visa. The funding will empower rural producers, drive sustainability and innovation, enable global collaboration and digital integration, and ensure inclusivity and multilingual outreach. This marks a significant stride towards revolutionizing agriculture through digital means.
UniFAHS Secures $1.4M for Sustainable Phage Technology
UniFAHS, a biotech company, raised over $1.4 million in seed funding to advance their work in phage technology for sustainable and environmentally friendly food production. A2D Ventures led the funding round, with significant contributions from ADB Ventures and InnoSpace. Co-founded by Dr. Kitiya Vongkamjan and Chalita Wongpukdee, UniFAHS tackles antimicrobial resistance and promotes climate-friendly agricultural practices with its patented phage solutions. The investment will help UniFAHS expand across Southeast and South Asia.
Farmers Edge and LTIMindtree Launch Innovation Lab in Mumbai
Farmers Edge Inc. and LTIMindtree have established the Farmers Edge Innovation Lab (FEIL) in Mumbai in partnership with Fairfax Digital Services. This initiative aims to integrate state-of-the-art agricultural technology with global digital solutions expertise to transform agriculture in India. FEIL aims to empower Indian farmers by providing solutions focusing on weather analysis, soil health, and crop cycle optimization. The collaboration between these companies will utilize advanced technologies like GenAI, IoT, Automation, and Drones to enhance farming efficiency and crop yields while reducing input costs.
Cibus Partners with Interoc
Cibus Inc. has partnered with Interoc, a Latin American agriculture company, to integrate its gene editing capabilities with Interoc’s expertise in rice seed genetics. The initial focus is integrating Cibus' rice herbicide tolerance traits into Interoc’s rice seed genetics to produce high-performing rice hybrids and varieties in Latin America. The partnership aims to tackle agricultural challenges, particularly managing resistant weeds and enhancing rice production. Interoc's strong presence and extensive germplasm bank in Latin America position the company to make a significant impact.
TEIKKO: Transforming Brazilian Soybean Farming with Nematicide
TEIKKO is a seed treatment for soybean farmers that targets root-lesion nematodes. It has demonstrated comparable or superior results to standard agrochemical treatments. Besides being environmentally friendly, TEIKKO has a long shelf-life, no special storage requirements, and consistent performance in diverse environmental conditions. Plant Health Care plans to expand TEIKKO’s label to include additional crops and nematode species. The technology behind TEIKKO is based on the PREtec platform that harnesses natural proteins to stimulate plant defense and pathogen resistance mechanisms. Plant Health Care is committed to replacing harmful soil fumigants and chemical nematicides with environmentally responsible solutions like TEIKKO, aligning with its vision of leading the shift toward eco-friendly agricultural practices.
EarthOptics’ Milestone in Soil Mapping and Measurement
EarthOptics has mapped and measured one million acres of farmland and ranchland, establishing its leadership in providing comprehensive soil intelligence. The company operates across four continents and 45 US states, processing 10,000 physical soil samples daily and mapping 100,000 acres monthly. EarthOptics is also a leading carbon measurement company, accounting for 300,000 tons of sequestered carbon. The SoilMapper™ platform is critical in advancing regenerative agriculture practices, offering comprehensive soil data for informed decision-making. EarthOptics integrates proprietary technology and physical soil sampling to provide actionable insights for landowners, enabling them to optimize operations while minimizing costs.
Athian Latest News: Announces First Sale Of Verified Carbon Credits
Athian announced a sale of verified carbon credits to Dairy Farmers of America, marking a groundbreaking move in the livestock carbon insetting marketplace. The sale was achieved using innovative feed management products and quantification tools and could significantly reduce emissions annually if adopted industry-wide. DFA is leading the charge in reducing greenhouse gas emissions, with a goal of a 30% reduction across the supply chain by 2030. The Athian platform empowers farmers to accelerate the adoption of conservation practices and earn additional income for their sustainability efforts, contributing to their financial health. Elanco Animal Health's Rumensin® is an FDA-approved solution that increases milk production efficiency while reducing carbon emissions, potentially worth over $200 million if the entire U.S. dairy industry leverages this intervention.
Deloitte 2024 Outlook: AgTech’s Rising Impact
The Deloitte Center for Technology, Media & Telecommunications’ TMT Predictions 2024 report predicts a 50% growth in IoT endpoints for precision crop farming, livestock management, and agricultural equipment tracking by 2024. The AgTech market is projected to reach a revenue opportunity of US$18 billion globally in 2024, and precision agriculture tech solutions have the potential to abate approximately 9.8 gigatons of carbon dioxide-equivalent emissions from 2020 to 2050. Despite challenges in integrating AgTech solutions, the push towards decarbonization and efficient resource management drives adoption.
Read the complete report by Deloitte, here.