Suzano Ventures, BemAgro, Growers Edge, Cargill, Goanna Ag, Valent BioSciences, The Fertilizer Institute - This Week in AgTech

Anna: 00:00

Welcome to another episode of AgTech Digest, your go-to podcast for the latest updates in agricultural technology. I'm your host, Anna. In today's episode, we have an exciting lineup of stories to delve into. We'll start by discussing Suzano Ventures' recent investment in the Brazilian AgTech startup, BemAgro, and what this means for technology adoption in the forestry sector. Next, we’ll explore how financial innovations are transforming the agricultural industry with a deep dive into Growers Edge and their crop plan warranties, which are helping farmers mitigate risks and adopt sustainable practices. We’ll also shine a light on a new pilot project by Cargill and Goanna Ag aimed at enhancing irrigation efficiency on cotton fields in the Mississippi Delta. Additionally, we’ll cover the latest certification achievement for Valent BioSciences' Transit 500 biostimulant and its implications for the industry. Then, we'll move on to highlight some key events and strategic partnerships from AgriTech Weekly, including new collaborations and impact reports. Lastly, we’ll ensure you’re informed about upcoming AgTech events and conferences that you won’t want to miss. So, sit back, relax, and stay tuned for an information-packed episode on the latest trends and innovations in agricultural technology.

Anna: 01:20

Suzano Ventures, the corporate venture capital arm of Suzano, has announced its strategic investment in BemAgro, a Brazilian AgTech startup. BemAgro specializes in SaaS solutions designed to optimize agricultural cycles, and this investment is part of a $2.6 million funding round led by CNH, a global leader in agricultural technology, with ATVOS, Brazil's second-largest ethanol producer, also participating. The main goal of this partnership is to accelerate the adoption of BemAgro's innovative technologies within the forestry sector. The focus is on enhancing efficiencies specifically in the eucalyptus lifecycle, which is an area of significant importance for both forestry companies and agricultural technology providers. Executives from Suzano, BemAgro, and ATVOS have expressed their enthusiasm and optimism about the future of this collaboration. Johann Coelho, CEO of BemAgro, noted the potential for expanding their market reach and increasing the technological impact of their solutions. This partnership is expected to foster significant advancements and improvements in the efficiency of agricultural and forestry operations, contributing to the broader adoption of cutting-edge agricultural technologies.

Anna: 02:38

In recent years, financial innovation has been a driving force in transforming the agricultural industry, particularly in promoting sustainable practices. At the forefront of this movement is Growers Edge, under the leadership of CEO Matt Hansen. This company has developed innovative financial products designed to mitigate the financial risks associated with adopting new technologies, thereby encouraging farmers to embrace sustainable practices. One of their most notable innovations is the crop plan warranty. These warranties provide farmers with a financial safety net, which is different from traditional insurance that covers losses. Instead, the warranties help farmers overcome market resistance associated with new agronomic plans, products, and processes. Matt Hansen explains, “The warranty provides downside protection for innovative decisions, making farmers less reticent to adopt new, sustainable products or processes.” This approach is essential in an industry where many farmers, who often operate small businesses, have limited capacity to absorb financial losses and are inherently risk-averse.

Anna: 03:50

Growers Edge's impact is already evident. Since their launch three years ago, they have seen a 16-fold increase in the acreage covered by their crop plan warranties. Additionally, the company has experienced a 75% growth in retailers partnering with them, including four in the top ten of the CropLife 100 rankings, and a 226% growth in the number of growers to 627. To drive the adoption of their products, Growers Edge has established strategic partnerships with major retailers and manufacturers such as Helena and Phospholutions. These collaborations enhance trust in their financial tools and reduce barriers to entry for sustainable agricultural products. The company’s ambition, however, extends beyond U.S. borders. They have plans to expand into Canada and other international markets, leveraging their advanced data analytics and machine learning models to improve the accuracy of their predictions and the effectiveness of their financial products.

Anna: 04:49

Success stories abound, illustrating the benefits of Growers Edge’s crop plan warranties. One notable case study highlights their partnership with Phospholutions, which focuses on optimizing phosphorus usage. This collaboration demonstrates how Growers Edge's financial tools support sustainability while boosting agricultural productivity. Another significant initiative is their involvement in the Field to Market's Climate Smart Initiative, where they provide financial instruments that promote climate-smart agricultural practices. Looking ahead, Growers Edge is poised to introduce new financial products, including input financing and agricultural mortgages. Input financing, offered as a white-label service, allows retailers and manufacturers to provide farmers with financial solutions for purchasing inputs, thereby lowering barriers to new technology adoption. Furthermore, Matt envisions the digitization of agricultural mortgages, akin to the transformation seen in the residential mortgage market over the past two decades. By harnessing their robust valuation tools and digital platform capabilities, Growers Edge aims to streamline the agricultural mortgage process, making it faster, easier, and more transparent.

Anna: 06:04

At the core of Growers Edge’s mission is a commitment to sustainability. The company aims to reduce chemical usage and promote innovative farming practices that are economically viable. Their partnerships with large corporations like PepsiCo and Nutrien highlight the effectiveness of their sustainability initiatives, driving significant environmental impact while ensuring economic benefits for farmers. In conclusion, Growers Edge represents a substantial shift in agricultural financial technology, focusing on sustainability and innovation. Their financial products aim to mitigate risks and encourage the adoption of new technologies, paving the way for a more sustainable and economically viable agricultural sector. As they continue to grow and expand internationally, Growers Edge is set to become a global leader, driving change and fostering innovation in the agriculture industry.

Anna: 07:03

Cargill has teamed up with Australian company Goanna Ag to kick off an exciting pilot project aimed at boosting irrigation efficiency on cotton fields in the Mississippi Delta. This initiative will leverage cutting-edge technology to fine-tune watering schedules, significantly improving crop yields while promoting water conservation and lowering operational costs. Through Goanna Ag’s GoField technology, selected cotton growers in Missouri, Tennessee, Arkansas, and Mississippi will have access to a suite of advanced tools. These include field sensors, satellite imagery, weather forecasts, and crop data, all designed to enable precise irrigation management. By optimizing water usage, the project aims to enhance crop resilience and reduce environmental impact. Matt Dunbar, Managing Director of Cargill’s cotton business, emphasized the project's importance in supporting retail brands' sustainability goals. He noted the potential to not only improve the resilience of cotton farming in the Mississippi Delta but also contribute to broader water conservation efforts. This collaboration highlights the synergy between Cargill’s extensive agricultural expertise and Goanna Ag’s proven irrigation management solutions. Derek Brazda, Vice President of U.S. Sales and Operations at Goanna Ag, expressed his enthusiasm for the partnership, underscoring the benefits of improved water-use efficiency, cost reduction, and sustainable outcomes for participating farmers.

Anna: 08:36

Valent BioSciences’ Transit 500 has received certification from The Fertilizer Institute. This certification underscores the product’s commitment to enhancing plant health and nutrient uptake through advanced biostimulant technology. Transit 500 has undergone rigorous evaluations to ensure it meets high industry standards for efficacy, composition, safety, and testing methods. Valent BioSciences aims to offer reliable biostimulant solutions that help growers optimize their agricultural practices. This certification marks a significant milestone, reinforcing the company’s dedication to quality and innovation in sustainable agriculture.

Anna: 09:21

Okay so mark your calendars, listeners! Several key events in the AgTech sector are approaching, offering valuable opportunities to network and stay informed on the latest technological advancements. First up, the Commercial UAV Expo takes place from September 3rd to 5th in Las Vegas, where you'll find cutting-edge drone technologies showcased. Next, the AgriBITs Summit will be held from September 5th to 6th in Utrecht, focusing on digital innovations in agriculture. Lastly, don't miss the 5th Global Vertical Farming Show on September 9th and 10th in Dubai. These events are essential for anyone wanting to stay ahead in the AgTech industry.

Anna: 10:02

This week’s highlights include several noteworthy developments in the AgTech sector. Phospholutions has announced a strategic partnership with Toros Agri, aimed at commercializing their RhizoSorb technology to produce more sustainable phosphorus fertilizers on a larger scale. ProducePay has released its inaugural 2023 Impact Report, detailing the company's efforts to address food waste, a significant issue affecting around 40% of the global fresh produce supply chain. In another exciting development, Soli Organic has deployed its first battery-electric truck in partnership with Penske Truck Leasing, marking a crucial step in reducing the environmental impact of their operations. These stories reflect the ongoing innovations and strategic collaborations driving the AgTech industry forward.

Anna: 10:50

That's all for this week's episode of AgTechDigest. Thank you for tuning in. If you enjoyed today's updates, make sure to subscribe so you never miss an episode. Join us next week as we delve into more of the latest trends and innovations shaping the future of agricultural technology. I'm Anna, and I look forward to having you with us next time. Until then, stay curious and keep exploring the exciting world of AgTech.