SVG Ventures, Micropep Technologies, Pyka, James Hutton Institute, Ginkgo Bioworks, NOVUS International, Zoetis, Danone, Nanovel, Enko Chem, Ynsect & Gevo - This Week in AgTech

Anna: 00:00

Welcome to Agtech Digest, your weekly update on the latest developments in agricultural technology. I'm Anna, and in today's episode, we'll be covering some significant news from across the AgTech landscape. We'll start by looking at major investments in the sector, including a new $50 million fund aimed at sustainable agricultural solutions and substantial funding rounds for companies working on crop protection and autonomous electric aircraft for agriculture. Next, we'll explore exciting partnerships in animal agriculture, focusing on innovations in feed additives and sustainable dairy farming practices. We'll also discuss new AI-powered solutions making waves in the industry, from fruit harvesting robots to advanced pest control platforms. Finally, we'll round up with some important financial updates and other noteworthy developments in the world of AgTech. Stay tuned as we dive into these topics and more on this week's Agtech Digest.

Anna: 00:53

To begin, Harnois Greenhouses is well ahead of the curve in meeting the newly updated Ontario Building Code regulations. These updates introduce stricter requirements for greenhouses to better withstand extreme weather, with an emphasis on increased wind loads in Southern Ontario and the Great Lakes region, as well as higher snow load standards in Northern Ontario. While some growers may face short-term challenges, such as higher construction costs and longer project timelines, Harnois' greenhouses already meet these rigorous standards without affecting their pricing. This proactive approach ensures that growers can benefit from more resilient, durable structures that will offer long-term cost savings and protection against extreme weather conditions.

Anna: 01:37

This week saw significant investments in the AgTech sector, highlighting the industry's continued growth and innovation. Let's start with the SVG Ventures $50 million Sunrise Fund partnership. Kagome Co Limited and SVG Ventures have joined forces to launch this fund, which aims to invest in sustainable solutions addressing global agricultural challenges over the next decade. Moving on to Micropep Technologies, the company has closed an additional $11 million in funding, bringing its total Series B round to an impressive $40 million. Key investors in this round include Corteva Inc. and Sparkfood SA. Micropep Technologies is focusing on developing sustainable crop protection solutions using its proprietary Krisalix discovery platform. Another notable investment comes from Pyka, which secured $40 million in a Series B round led by Obvious Ventures. Pyka specializes in autonomous electric aircraft for agriculture, cargo, and defense applications, showcasing the diverse range of technologies being developed within the AgTech space.Lastly, the James Hutton Institute has been awarded 2.4 million pounds, equivalent to about 3.21 million US dollars, to support research in several key areas. This funding will be used to advance studies on medicinal cannabis, vertical farming technologies, and indoor lettuce cultivation. The Biotechnology and Biological Sciences Research Council is among the key supporters of this initiative. These investments demonstrate the growing interest and confidence in AgTech solutions, ranging from sustainable crop protection to autonomous aircraft and advanced farming techniques. As the industry continues to evolve, we can expect to see more innovative technologies emerge to address the challenges facing global agriculture.

Anna: 03:19

This week, we've seen two significant partnerships emerge in the animal agriculture sector, both aimed at enhancing sustainability and efficiency. First, Ginkgo Bioworks and NOVUS International have joined forces to develop advanced feed additives. This collaboration leverages Ginkgo's Enzyme Services to improve livestock health and performance. The additives they're working on will benefit chickens, pigs, and cows, helping producers provide nutritious and affordable animal products. The ultimate goal is to create more efficient, cost-effective enzymes that enhance the sustainability and efficiency of animal production systems. In another notable partnership, Zoetis has teamed up with Danone to promote sustainable dairy farming practices through animal genetics. Zoetis is bringing its genetic testing solutions to the table, which can predict disease susceptibility and improve lifelong productivity in dairy cows. This technology supports farm resilience by allowing farmers to make more informed decisions about their herds. A key tool in this partnership is Zoetis' Dairy Wellness Profit Index. This index helps farmers make data-driven decisions on breeding and culling, aligning with Danone's sustainability goals. By focusing on genetic improvements, this partnership aims to enhance the overall efficiency and sustainability of dairy farming operations. These collaborations represent a significant step forward in addressing the challenges faced by the animal agriculture industry, combining cutting-edge technology with practical farming needs.

Anna: 04:46

In the realm of AI-powered agriculture solutions, we're seeing exciting developments that promise to revolutionize farming practices. Let's first turn our attention to Nanovel, an Israeli startup that's tackling the persistent issue of labor shortages in fruit harvesting. Nanovel has unveiled an autonomous robot designed specifically for harvesting citrus fruits from densely populated trees. This innovative machine utilizes artificial intelligence and advanced vision technology to identify and pick fruit around the clock. The potential impact of this technology on operational costs and efficiency is substantial, offering a solution to the ongoing challenge of finding skilled labor for fruit picking. The California Citrus Research Board has recognized the promise of this technology, signing a $900,000 agreement to support field trials. These trials, set to begin in 2025, will involve collaboration with leading citrus growers in California, providing real-world testing and validation of the robot's capabilities.Shifting our focus to crop protection, Enko Chem has made significant strides with its AI-driven pest control platform, ENKOMPASS. This platform has demonstrated its ability to rapidly discover new pest control solutions, identifying new weed control targets and chemical inhibitors in just four months. The implications of this AI-driven approach are far-reaching. It offers the potential for more efficient and sustainable pest control options, which could help farmers mitigate crop losses and adapt to changing environmental conditions. As climate change continues to alter pest patterns and behaviors, tools like ENKOMPASS could prove invaluable in maintaining crop yields and food security.

Anna: 06:21

In this week's industry financial updates, we turn our attention to two significant developments. First, let's discuss the French startup Ynsect, which has recently entered court-supervised protection due to financial difficulties. Despite raising an impressive $600 million since 2011, Ynsect is facing challenges while constructing what's set to be the world's largest vertical insect farm in the Somme region. The court protection freezes the company's debts for six months, providing Ynsect with a crucial window to secure fresh capital and move forward with the launch of its industrial process. Despite these setbacks, the company remains optimistic and is actively engaging in discussions with potential investors. On a different note, we have news of an acquisition in the AgTech sector. Gevo has acquired Cultivate Agricultural Intelligence, also known as CultivateAI, for $6 million in cash. This strategic move also includes potential earn-out payments. The acquisition will integrate CultivateAI's data and analytics platform into Gevo's subsidiary, Verity. This integration is expected to enhance carbon accounting and tracking services across various markets, including food, feed, fuel, and industrial sectors. Looking ahead, the newly acquired business is projected to generate $1.7 million in revenue in 2024 and operate with positive cash flow. This acquisition not only brings new clients to Gevo but is also anticipated to boost its overall operations.

Anna: 07:46

In other AgTech developments, we're seeing exciting advancements across various sectors of the industry. Hydrosat, a climate tech company, is making waves in Latin America by expanding its thermal imagery technology. They've signed four new agreements with companies in Mexico and Guatemala, aiming to bring their innovative solutions directly to farmers in these regions. Moving to the world of fruit production, Chiquita has unveiled a significant breakthrough in banana breeding. In collaboration with KeyGene, MusaRadix, and Wageningen University, they've introduced a new banana hybrid called Yelloway One. This variety is resistant to Tropical Race 4, a devastating disease that has been threatening banana crops worldwide. It's also partially resistant to Black Sigatoka, another major banana disease. This development could have far-reaching implications for the global banana industry. A recent global survey has shed light on farmers' perspectives on climate change. The study, which included 2,000 farmers across eight countries, revealed that 75% of farmers are either impacted by or concerned about climate change. Interestingly, the same percentage expressed openness to adopting new technologies to cope with these impacts. In the realm of indoor farming, LettUs Grow has spun out a new venture called Ostara. This software platform manages lighting, irrigation, and environmental controls for Controlled Environment Agriculture farms. It's already been deployed in over 30 locations across the UK, demonstrating the growing interest in precision agriculture technologies. Additionally, Hectar has recently selected four startups for its 9th Acceleration Program in collaboration with the HEC Paris Incubator. The cohort includes BioAZ, Innofenso, Leafy, and Osiris Agriculture, all of which will participate in a three-month acceleration program starting in October 2024, aimed at fostering innovation in the AgTech sector. Lastly, we have news from Plenty Unlimited Inc., who have opened what they claim is the world's first large-scale indoor farm for vertically farmed strawberries. Located in Richmond, Virginia, this facility is a partnership with Driscoll's and uses 30-foot-tall vertical growing towers. The farm is expected to produce an impressive 4 million pounds of strawberries annually, showcasing the potential of vertical farming in fruit production. These developments highlight the diverse and innovative nature of the AgTech industry, from climate solutions and crop breeding to indoor farming advancements.

Anna: 10:08

Let’s take a look at some exciting upcoming events in the agricultural industry where experts will gather to explore the latest trends and technologies. Kicking off is the World Agri-Tech Innovation Summit in London from September 30th to October 1st, 2024, followed by the CEA Summit East in Virginia on October 1st and 2nd. Agra Middle East in Dubai (October 7th-8th) and VertiFarm 2024 in Dortmund, Germany (October 8th-10th), will highlight advancements in regional farming and vertical farming, respectively. Later in the month, the World Agri-Tech Mexico Summit (October 29th-30th) will showcase innovations across Latin America. November brings the REAP Conference in Newmarket, UK, on November 6th, 2024, followed by the Inhouse Farming Feed & Food Show in Hanover from November 12th-15th. Closing the season are the AgriNext Conference in Dubai (November 13th-14th) and the Asia-Pacific Agri-Food Innovation Summit in Singapore (November 19th-21st).

Anna: 11:07

As we wrap up this episode of Agtech Digest, let's recap the key developments we've covered. We've seen significant investments in sustainable crop protection and electric UAVs, innovative partnerships in animal agriculture, and AI-powered solutions for fruit harvesting and pest control. We also discussed some financial updates in the industry. Don't forget to check out upcoming AgTech events and conferences for more insights into the future of agriculture. Thank you for listening to Agtech Digest. I'm Anna, and I'll see you next time.