Editor’s note: Agtech Seedlings is a weekly roundup of the latest in agriculture technology news, digging into venture funding, product announcements and other innovation milestones. Have news to share? Email us here.
Bayer inks deal to develop regenerative vegetable oils for biofuel with European refinery
Bayer AG has signed a memorandum of understanding with Neste, a Finland-based renewable oils company, to scale winter canola production in the United States for use as a raw material in renewable products.
The companies plan to identify partners and develop a value chain with a focus on vegetable oils produced by regenerative farming practices that sequester carbon into the soil, according to a release.
With renewable fuels playing a larger role in reducing transportation and energy emissions, the collaboration aims to add value to winter canola, often used as a rotational crop in sustainable farming. The raw material can then be used to produce renewables such as sustainable aviation fuel and renewable diesel fuel.
“We are committed to supporting farmers’ ability to deliver low-carbon feedstocks on demand, through investments in new crops like winter canola and advancement in sustainable cropping systems,” Frank Terhorst, head of strategy and sustainability at Bayer’s crop science division, said in a statement.
Bayer has made regenerative agriculture a key focus in its crop science division, investing in groups including Trinity Agtech and Neste in an effort to increase food production while protecting and restoring natural resources.
Inari raises $144M to scale gene-edited seed technology
Seed gene-editing startup Inari Agriculture has raised $144 million as it looks to scale its technology in an effort to bring more sustainable, resilient crops to market.
Inari said the new capital reflects investor confidence in its biotechnology, which combines AI-powered predictive design with multiplex gene editing. Founded in 2016 in Cambridge, Massachusetts, the company uses technology to develop corn, soybeans and wheat in a way that requires less water, land and fertilizer.
“Inari is poised to redefine the seed technology landscape as we work to empower the industry with high-performance products on a global scale,” Inari CEO Ponsi Trvisvavet said in a statement. “We aim to achieve our vision of a sustainable food system by designing seeds that support a thriving planet, food security and farmer well-being.”
To date, Inari has raised more than $720 million in capital. The new funding increased Inari’s valuation 32% to $2.17 billion over the past year, Bloomberg reported.
The recent funding came mostly from new investors, including a wholly-owned subsidiary of the Abu Dhabi Investment Authority. Existing investors Flagship Pioneering and the State of Michigan Retirement System also contributed.
Startup nabs $10M in funding to create a 'digital brain' in horticulture
Fermata, a data science company focused on computer vision solutions, raised $10 million in funding exclusively from investor Raw Ventures, a venture capital firm based in Brandenburg, Germany.
The investment will support Fermata’s plan to develop a “digital brain” for the horticulture industry that autonomously manages crops through advanced data analysis, according to a release.
Currently, Fermata’s system can identify pests and diseases. With the new funding, the company plans to further develop its system to include forecasting tools such as yield prediction tracking to address a range of agricultural challenges.
“We proudly call what we’ve built, ‘The Eyes of Ag,’” Valeria Kogan, founder and CEO of Fermata said in a statement. “With the new funding, I’m thrilled to see Fermata scaling to bring all the other senses to the agricultural industry, ultimately evolving into its Brain.”
Fermata’s Croptimus suite processes data from digital cameras to scout for potential plant threats. The Israel-based company has previously worked with Microsoft, NVIDIA, Wageningen University, Bayer Crop Sciences, yieldsAPP and agRe.tech.
