CPE News (1.13.2023) – enrichAg, a recently formed and majority-owned subsidiary of Terramera, has raised US $6 million in seed funding from At One Ventures (AOV), a climate tech VC firm that invests in companies with disruptive technologies that can make a significant impact on planetary health.
Funding will rapidly advance the launch of enrichSoil, a breakthrough solution that delivers real-time soil analysis results with 99% accuracy (compared to current methods which take many weeks for results with just 40 to 60% accuracy). EnrichSoil can be used to optimize fertilizer use and to understand and improve soil health, the most essential component of the global food system.
enrichAg expects to close follow-on closing in early this year to complete the seed round to up to US $15 million.
Terramera provides solutions to the agricultural industry to reduce the use of synthetic pesticides, increase crop resiliency, predictability and quality, support regenerative agronomy and measure the carbon sequestered in soil.
Terramera is backed by S2G Ventures, ACA Partners, Ospraie Ag Science, IKEA GreenTech, Maumee Ventures, EDC, BDC Capital, Renewal Funds and others.
Terramera Creates enrichAg to Commercialize Transformative Soil Analysis Platform with $6M from At One Ventures
Startup will use novel sensing technology to provide real-time soil composition at 99% accuracy
Funds launch highly accurate, proprietary soil analysis platform to measure soil composition including NPK and Carbon
Soil solution powered by Terramera’s Intelligence Engine, novel sensing technology, computational chemistry, machine learning and IP portfolio
Technology proven 100X more accurate than anything available, enabling farmers to reduce fertilizer costs through data-driven decisions and giving them access to additional revenue through carbon markets
VANCOUVER, BC – January 12, 2022 – Today Terramera announces the formation of its new majority-owned subsidiary, enrichAg, which will focus on commercializing its soil enrichment platform. The seed round is led with a $6M USD investment from At One Ventures (AOV), a climate tech VC firm that invests in companies with disruptive technologies that can make a significant impact on planetary health.
The funding will rapidly advance the launch of enrichSoil, a breakthrough solution that delivers real-time soil analysis results with 99% accuracy (compared to current methods which take many weeks for results with just 40 to 60% accuracy). EnrichSoil can be used to optimize fertilizer use and to understand and improve soil health, the most essential component of the global food system.
“Farmers don’t have the tools to understand fertility levels across their fields with precision. Lack of precision on rates means over application and expense on fertilizer. Building soils is not only one of the important business resources for farmers but also one of the greatest opportunities to turn back the clock on climate change. The key is timely, accurate and affordable analysis of soils,” said Terramera Founder & CEO, Karn Manhas. “Soil analysis and tracking hasn’t changed in decades. We have too little understanding of this critical resource. EnrichSoil changes that so we can enrich our Earth from the ground up.”
Once commercialized, this will be the first technology that enables farmers and agronomists to self-test nutrient levels including nitrogen (N), phosphorus (P), potassium (K) and carbon (C). Carbon, a key indicator of soil health, increases soil’s water-holding capacity through its sponge-like structure, fostering resilience during droughts and mitigating flooding following heavy rains. EnrichSoil’s software optimizes sampling and allows growers to trust variable rates of fertilizer across fields. Digital maps show results across fields and over time.
“EnrichSoil produces accurate maps of soil fertility and carbon across fields to show how healthy the soil and farm profits can become,” said Manhas.
At One Ventures Founding Partner Tom Chi, and long-term advisor to Terramera, explained, “by making soil testing cheaper, faster and 100x more accurate, enrichSoil will provide immediate actionable information that can improve profitability while restoring soil health. Democratizing soil knowledge is foundational to widening the circle of regenerative agriculture beyond a small set of deeply committed practitioners. With this data more accessible, farmers can rapidly operationalize healthier and more profitable agricultural practices.”
EnrichAg has launched its alpha-product through a strategic partnership with one of the world’s largest regenerative agricultural networks. It is in the process of calibration and iteration of the beta product. An initial limited commercial launch is set in 2023 with further rollout and development planned throughout the year.
EnrichAg completed its first close of its seed funding with At One Ventures. Follow-ons to complete the round to a maximum of $15M USD are available with planned close in early this year.
EnrichAg is the creator of the first soil technology platform to provide farmers and agronomists with 99% accurate in-field testing of core minerals (NPK) plus carbon. The company’s first product, enrichSoil, offers a combination of custom hardware and software, giving farmers real-time and actionable soil health insights without added cost. EnrichAg is a majority-owned subsidiary of Terramera, with a shared mission of supporting the transition to fully regenerative agriculture. Visit enrichAg.com.
Terramera provides solutions to the agricultural industry to reduce the use of synthetic pesticides, increase crop resiliency, predictability and quality, support regenerative agronomy and measure the carbon sequestered in soil. Backed by the Terramera Intelligence Engine and robust IP portfolio, the company delivers disruptive tech solutions for agriculture and other industries. Visit Terramera.com
About At One Ventures
At One Ventures invests in deep-tech startups catalyzing a world where humanity is a net positive to nature. The firm is highly technical and was founded by Tom Chi, former Head of Experience and founding member at Google X. At One Ventures finds, funds, and grows companies that are using disruptive deep tech to upend the unit economics of established industries while dramatically reducing their planetary footprint. To date, At One Ventures has invested in 29 startups, including Ascend Elements, Dendra Systems, Gradient, Apis Cor, Alchemie Technology, and Cruz Foam. For more information, please visit https://www.atoneventures.com/.