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Five Robo-Tractor Fund-Raisings in 2024

Chart of the Week – Five Robo-Tractor Fund-Raisings in 2024

Robotic tractors are emerging as a commercial proposition, especially in the context of farms with large, flat fields, where ease of use coupled with labour and fuel savings are starting to build an economic case.

Challenges include farms of unusual shapes, as most large robo-tractors available to date are unable to navigate between fields and across roads: self-navigating technology exists, but adds significantly to the price tag.

The sector is growing, reflecting the opportunity to replace low-skill and hugely time consuming on-farm activity. Our Chart of the Week shows five relevant fund-raisings to date from 2024:

  • Robovision: computer vision platform for integration into robotic tractors

  • Bluewhite: developing LIDAR-based guidance technology

  • Burro: producer of robots performing generalist tasks like mowing

  • Saga Robotics: developer of an autonomous robot for treating powdery mildew

  • farm-ng: developing a range of modular tractors

New Food Finance – “AgBot” Review

Last week, our team attended “Discover the Future: Advanced Technology Showcase”, where the UK University of Sheffield’s Advanced Manufacturing Research Centre (AMRC) demonstrated the largest “AgBot” manufactured by Netherlands-based AgXeed.

The Agbot is an autonomous, GPS-guided tractor which uses a multi-sensor system for obstacle detection. Unlike self-driving cars, which use computer vision systems to perform simultaneous localisation and mapping, the AgBot uses a GPS guidance system to follow pre-planned routes around a target field.

AgBot features:

  • This largest AgXeed AgBot is equivalent to a 200 horsepower conventional tractor. The multi-sensor system comprises LiDAR, RADAR, Ultrasonics and contact-sensitive sensors to detect potential hazards in the field.

  • The GPS-guided system is unable navigate between fields without external input from the farmer. Additionally, as the tractor is autonomous, it is not legal on UK roads, and therefore needs to be transported via trailer if the farm is crossed by roads.

  • The AgBot has diesel-generated electric motors. Feedback systems within the electric drive train and electric PTO allows the collection of data as the AgBot works the fields, for example informing farmers of specific aspects of soil health.

  • The AgBot is lighter than a conventional tractor, which combined with the tracked configuration limits soil compaction.

  • The initial purchase price is roughly double a conventional equivalent tractor. AgXeed refer to a 90% reduction in labour costs, as well as reduced fuel and maintenance costs, combining to an expected saving on total cost of ownership.

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“Green Transition” Deals of the Week

In our “Green Transition” space last week, we saw eight fund-raising worth $89 million:

United States, September 26 – Eion partners with American heartland communities to remove CO2 using enhanced rock weathering (ERW). The company says it process helps generate carbon removal credits while improving soil health. The company raised $3 million from AgFunder, Ridgeline Ventures.

United Kingdom, September 26 – Fermtech upcycles spent grains to produce proteins for the food industry. Their first product, Nutriferm, aims to reduce the carbon footprint, while enhancing nutritional value and providing health benefits. Fermtech raised $0.44 million through Crowdcube.

Denmark, September 26 – Meatable is a cultivated meat manufacturer focused on producing sustainable and ethical meat alternatives. The company raised $8.5 million from the Netherlands Enterprise Agency.

Malaysia, September 26 – QarboTech is a biostimulant company that produces QarboGrow, a photosynthesis enhancer developed using nanotechnology. The company raised $1.5 million in a pre-venture capital round from investors including 500 Global, Better Bite Ventures and others.

United States, September 24 – Arzeda develops designer proteins and enzymes to address challenges in food production, nutrition, and sustainable materials. The company raised $38 million from Sofinnova Partners, Fall Line Capital and others.

Canada, September 24 – Catalera BioSolutions, based in Vancouver, develops biological pesticides for consumer, professional, and agricultural markets. Spun out of Terramera in 2024, the company raised $8 million from S2G Ventures and Farm Credit Canada.

United States, September 24 – Ecovative, based in Troy, produces whole-cut meat substitutes made from mycelium. The company says it leverages fungal technology to create sustainable meat alternatives. Ecovative raised $28 million from undisclosed investors.

United Kingdom, September 24 – Tuggs produces pet food that combines traditional meat sources with insect-based protein using black soldier fly larvae. The company raised $1.5 million to expand its product offerings.