Forbes AgTech Summit Honors GeoVisual, MagGrow and Trace Genomics for Technologies Furthering Operational Excellence, Sustainability and Innovation in Agriculture
Salinas, Calif., July 13, 2016-- Startup companies GeoVisual, MagGrow and Trace Genomics were announced tonight as the winners of THRIVE’s Operational Excellence, Sustainability, and Innovation awards during the second annual Forbes AgTech Summit. Microbiome testing company Trace Genomics received THRIVE’s award for Innovation, magnetic spraying company MagGrow received THRIVE’s award for Sustainability, and artificial intelligence and computer vision company GeoVisual received THRIVE’s award for Operational Excellence.
SVG Partners Founder and CEO John Hartnett presented the awards to each of the three companies onstage during the Innovation Showcase as the first day of the summit came to a close. “These three companies- like all of the companies that went through the THRIVE accelerator this year- demonstrate the potency of technology in the agriculture sector. MagGrow, Trace Genomics and GeoVisual are the type of companies that will demonstrate how we get to higher crop yield and ensure sustainability through the advent of new technologies and practices,” Hartnett said.
The award ceremony was the culmination of THRIVE’s Demo Day on the first morning of the Forbes AgTech summit. Demo Day, the hallmark event of the THRIVE cohort class, provides startups the opportunity to showcase their solutions to a broad audience of investors and corporate partners. Each startup pitch was scored by executives from Taylor Farms, Land O’Lakes, Western Growers Association, Wells Fargo, JV Smith, SAP- many of whom are a part of the THRIVE program as mentors during the year.
THE WINNING COMPANIES
Each of the three winning companies offer a range of domain expertise within the AgTech space and demonstrate the various technology applications that are transforming practices and methods used in agriculture today.
Agriculture is a labor intensive process, as field inspections are a time consuming task. GeoVisual is leading a breakthrough in farm forecasting by reducing field inspection times and personnel required through artificial intelligence and computer vision technologies. GeoVisual’s OnSight platform provides farmers critical crop information over broad areas, in real time and significantly ahead of scheduled harvesting. By combining aerial imagery, agronomic and weather data, and field information collected as part of daily operations, OnSight is able to analyze crop status over thousands of acres and deliver timely results to decision makers, in the office and the field.
While spraying on the field, growers can look to MagGrow and its spraying technology to help them grow more while using less inputs. MagGrow’s method of spraying crops using magnets provides better coverage than conventional crop spraying systems and also reduces spray drift by more than 80 percent. Through various trials underway with partners like UC Davis, the technology has proven to technology increase growers’ spray windows and improve crop yield and disease control.
Agriculture diseases taking place in the soil can mean the difference between a healthy crop and a decimated field. Trace Genomics is using genomics and machine learning to create better solutions for fighting agricultural diseases. By offering a genetic test for the soil microbiome, Trace Genomic’s vision is to enable sustainable farming techniques and improved soil health that is necessary to feeding the massively growing world population. Healthy soil breeds healthy plants, so evaluation of soil health is a crucial step for better farming. Unfortunately, traditional laboratory tests for soil-borne diseases have been slow, culture-based, labor intensive, and not strain specific. Announced today, Trace Genomics is launching the a first of its kind soil-borne microbe diagnostic test based on genomics technology t, a “23andMe” for farms.
ABOUT THRIVE AGTECH
THRIVE AgTech’s mission is to connect the expertise of tech companies to on-the-ground knowledge of agricultural companies, the financial backing of investors, and the entrepreneurs solving problems in the AgTech space. THRIVE unites these communities in order to drive the development and adoption of sustainable technology enhancements necessary to securing the global food demands of the future. The THRIVE program targets two stages of companies: the very early to commercially ready. Early stage companies accepted into the program go through a rigorous bootcamp and receive mentorship from industry leaders to help them scale their companies. THRIVE's new Open Innovation program directly connects corporate partners with high growth startups to trial and deploy cutting edge technologies focused in agriculture.
ABOUT SVG PARTNERS
SVG Partners is an investment, technology and advisory firm that partners with organizations on strategy, innovation and global expansion. Since 2007, SVG's experience team of senior technology leaders and venture capital investors have worked with global corporations and scaling companies to drive competitive advantage from strategy to implementation. Through its executive strategy and advisory, SVG Partners helps build and scale innovative technology companies worldwide. SVG Partners is based in Silicon Valley, CA.