Carrot Ventures launches Cellar Insights

CPE News

CPE News (5.3.2023) – Carrot Ventures has announced the launch of Cellar Insights. It is the second company emerging from Carrot’s AgTech company formation model.

Led by Terry Sydoryk, Cellar Insights is a Canadian AgTech startup built around a sophisticated suite of sensors and cloud-based algorithms that remotely monitor potato health in long-term storage. The solution includes predictive models and offers management insights to optimize returns.

Carrot Ventures Fund I, LP, a $15 million partnership between AVAC Group and Farm Credit Canada, creates new companies to commercialize early-stage agricultural technologies.

Susterre Technologies Inc., first company launched by Carrot Ventures, raised over $2 million in seed financing in 2021.

photo credit: Carrot Ventures

News Release

Carrot AVAC Group Launches Novel $15m Venture Capital Fund

Carrot Ventures Launches Cellar Insights Inc. Remote Monitoring and Intelligence Platform for Potato Storage Management

CALGARY, AB, May 3, 2023 /PRNewswire/ — Carrot Ventures is pleased to announce the launch of Cellar Insights. It is the second company emerging from Carrot’s AgTech company formation model.

“We’re extremely pleased to be launching Cellar Insights,” says Martin Vetter, a venture partner with Carrot. “Reducing food loss and optimizing the quality of crops post-harvest is an issue of worldwide importance. Potatoes are the world’s third most important food crop, produced in over 100 countries. It is an essential and nutritious food staple, which has led to soaring cultivation rates in India and China. In North America, production value exceeds $4 billion annually, with retail sales approaching $14 billion. Unfortunately, potatoes and other root crops – such as carrots and onions – experience significant losses during storage. Effective storage management practices are vital, and we believe Cellar Insights offers a compelling solution.”

Cellar Insights is a Canadian AgTech startup built around a sophisticated suite of sensors and cloud-based algorithms that remotely monitor potato health in long-term storage. The solution includes predictive models and offers management insights to optimize returns.

Millions of potatoes get stored for up to 11 months in massive climate-controlled facilities. During such long storage periods, farmers face an escalating risk of loss due to shrinkage, reductions in quality, disease, sprouting or spoilage.

Potato storage practices vary widely in levels of sophistication globally, and losses can be as high as 10 to 25 percent. Cellar Insights aims to offer farmers a reliable tool for remotely monitoring and managing the health and value of their stored root crops.

Recruiting the right person to lead the venture is core to the Carrot Ventures model. For Cellar Insights, that person is Terry Sydoryk, who has assumed the role of Founder and CEO.

Terry shared that, “Leading Cellar Insights is an exciting opportunity for me. Starting out with a vetted technology, a global market opportunity and a committed lead investor is very compelling. The Carrot investment model and their involvement will accelerate our path to market considerably.”

Terry has over 30 years of leadership experience in the technology industry, with 20 years focused on company creation and early-stage company growth. As a founding member of the A100, Terry frequently serves as an advisor, board member or angel investor. Most recently, he held the CEO role for Chaordix until it was acquired by Benevity.

Cellar Insights will commence its path to commercialization immediately, including recruiting farmers and potato processors to participate in field trials this year. Interested parties in the US and Canada should contact Terry Sydoryk for details.

About Carrot Ventures Fund I, LP
Carrot Ventures is a Canadian venture capital fund that creates new companies to commercialize early-stage agricultural technologies. Carrot offers a path forward for strong technologies which otherwise have no clear path to market, with a goal of significant value creation for all stakeholders.

The fund is a partnership between AVAC Group and Farm Credit Canada. Learn more.

About Cellar Insights Inc.
Cellar Insights offers a sophisticated suite of sensors for remote health monitoring and management of stored root crops. The initial focus is on potatoes, but there is broad applicability to other high-value root crops. Learn more.

Media Contacts

Martin Vetter
Venture Partner
Carrot Ventures
www.carrotventures.com
1.403.274.2774 ext 225

Terry Sydoryk
Founder and CEO
Cellar Insights
1.403.681.0934

SOURCE Carrot Ventures