Arlington, Va.-based EarthOptics, which provides a cloud-based machine learning platform for soil and ground management, has closed a $24 million funding round from a range of global investors.
New investors include London-based Cibus Capital, Japan’s Norinchukin Bank and RuralWorks Partners. Current investors that participated in the round included New York-based Conti Ventures and TO VC; Alexandria, Va.-based Route 66 Ventures; Roanoke, Va.-based VTC Ventures, a unit of Middleland Capital; Durham, N.C.-based Pappas Capital; and global majors such as Shell and Bayer.
‘Near Real-Time’ Data
Founded in 2018 by space scientist Lars Dyrud and agricultural economist Todd Martin, EarthOptics provides “near real-time” actionable data for farmers in so-called predictive agronomy.
“At EarthOptics, we believe that the future of farming lies in precise, data-driven insights that empower farmers and ranchers to optimize every aspect of their operations,” said Dyrud, who serves as the company’s CEO. “This latest round of funding is a testament to our investors’ confidence in our vision and our ability to deliver groundbreaking solutions that transform how farmers and ranchers interact with their soil.”
Previously, Dyrud founded and ran OmniEarth, which provides machine-learning based imagery analytics tools to public utilities, and insurance and land management firms. In 2017, OmniEarth was acquired by EagleView Technologies. Dyrud, who received a Ph. D. in astronomy from Boston University, also founded the APL Center for Public/Private Partnerships. He has led space-related missions and projects at the nonprofit Draper Laboratory and the Johns Hopkins University Applied Physics Laboratory.
Soil Intelligence
Earlier this year, EarthOptics merged with Emeryville, Calif.-based Pattern Ag, which specializes in soil biology, to create what the companies call a “powerhouse” in soil intelligence, helping digitize “soil health for advanced crop management and climate sustainability.”
“EarthOptics’ proprietary field-based sensing technologies are combined with Pattern Ag’s cutting-edge lab-based analysis,” the companies said in a release after the August merger. “The newly formed entity is poised to redefine predictive agronomy by offering the market’s most comprehensive and precise soil data.”
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The combined company’s range of services include high-resolution data on soil properties, pest detection, fertilization and industry-first tillage prescriptions to optimize crop management and input decisions.
“This merger will give farmers the most comprehensive snapshot of the soil under their feet,” said Dyrud. “Historically, soil measurement insights have been limited in scope and imprecise. We now have the technology to tell farmers what’s in their soil with a high level of precision, and with the addition of pattern analytics, we can offer them insights into what to plant and how to manage their most impactful decisions throughout the growing season.”
Evan Savell of Conti Ventures said the firm developed the view that the merged company has the “potential to pair highly complementary technologies and teams and to create a vertically integrated business that provides significant value to growers.” Besides, a “sold-out commercial trial this past spring built further conviction in a potential combination between the two companies,” he added.
