THRIVE Companies Showcase at Forbes AgTech Summit Indianapolis
THRIVE accelerator companies were at the forefront of the Forbes AgTech Summit in Indianapolis last week.
Four agtech startups attended the innovation showcase included Arable, Aker Technologies, Farm Dog and 3Bar Biologics. THRIVE News caught up with the companies and learned of their recent milestones.
Aker, a member of THRIVE IV’s cohort, has much to celebrate said CEO and co-founder Orlando Saez. In September the company announced new crop and aerial imagery trials with Bayer’s crop science division, which is a leader in seed, crop protection and non-ag pest control. The trials are tracking results from Delaro, Bayer’s new corn and soybean fungicide.
In a news release, said Ray Lello, fungicides product manager at Bayer, spoke of how critical trials are to the product.
“Trials in 2017 found that Delaro provided a substantial yield increase over the untreated check in corn and soybeans. However, we also consistently heard from trial participants that they observed improved plant health from Delaro,” said Lello. “That’s why we are thrilled to collaborate with Aker to track qualitative metrics like plant health in addition to the known quantitative yield results of Delaro over the untreated check in corn and soybeans. Understanding how these benefits help contribute to an overall return on investment is beneficial for growers as they look to get the most out of their corn hybrids and soybean varieties.”
Saez credits his mentor Walt Duflock, managing partner of SVG Partners, for working closely with the company and getting them to the next level.
Arable, a member of THRIVE’s IV cohort, has been celebrating a productive year.
To start with the company, which produces a weather and plant measurement device, welcomed new CEO Jeff Keiser in July.
Arable also expanded headquarters from Princeton, NJ to Oakland, Calif., and hired another seven employees including engineers.
“We had a fantastic 2018 year – we really scaled up our sales team and solidified customer support. We developed some really amazing partnerships, we brought in new CEO in early July, and now about to hire new engineers,” said Jess Bollinger, vice president of strategic partnerships.
In 2018, Bollinger said, the focus has been on refining the device including improving yield forecast and developing into disease analytics and increasing alerts and notifications on crops
Since Arable’s product launched in June 2017, some 1,000 devices have been deployed in 22 countries globally examining some 26 different crops. It works with 150 customers including Francis Ford Coppola Winery, Ferro, Driscoll’s and The Nature Conservancy. To date, Arable has raised $13.2 million including from grants.
Bollinger credits THRIVE with connecting the company with some of its biggest clients especially with farmers and vintners in the Salinas Valley where agriculture is a $9 billion industry.
“THRIVE has helped build a really important network for us in the Salinas Valley where we have many key customers in that area who have been willing to provide strong feedback that has shaped much of our product development,” said Bollinger.
At Forbes AgTech Summit in Indianapolis, Arable was also one of nine companies chosen as part of Demo Day. During Demo Day and the Summit said they received stellar feedback for the product and ultimately more “brand visibility.”
Farm Dog’s CEO and founder Liron Brish said he has had a whirlwind summer.
Farm Dog, a member of the THRIVE IV accelerator that provides pest and disease management scouting platform, is focused on a new round of fundraising (to date the company has raised $2 million).
Brish, born in Israel and based in Tel Aviv, is also amid a transcontinental move and Los Angeles bound to be closer to the agriculture industry. A former consultant in farm harvest with McKinsey & Co., Brish said the company was awarded a number of important initiatives since joining THRIVE.
There’s the partnership with John Deere one of the largest farm equipment manufacturers in the world where Farm Dog’s software connects with Deere equipment to provide data analytics. There’s the $900,000 grant from the BIRD Foundation (The Israel-United States Binational Industrial Research and Development Foundation) in Israel that is fueling the company’s research and development. Farm Dog is also working with the USDA, University of Georgia and University of Florida, on building a regional pest disease management program. Brish said Farm Dog is providing the algorithm for the program.
Farm Dog, now in a million and a half acres and has conducted more than 25,000 field visits, also seeks to build out the AI part of the platform next.
Brish said THRIVE helped the company gain even more credibility in the agtech space.
“THRIVE did good job creating a network among startups,” said Brish noting the “connections that THRIVE made to the industry” when it comes to startups. “It’s hard enough being a startup, it’s even harder being an agtech startup,” he said, noting the sector is still fairly new when it comes to investment and acceptance from growers.
Bruce Caldwell the CEO and founder of 3Bar Biologics cited a number of the company’s laurels since it joined the THRIVE Accelerator Program in 2017.
A spin-out from Ohio State University, the company provides natural microorganisms to boost healthier crops with higher yields. 3Bar has been in hiring mode tripling the size of its team to seven staffers including on the sales and marketing front. The company also received a greenlight for its first patent and has completed a seed round of $2 million. Over the summer 3Bar conducted a trial with Land O’Lakes, the connection made through the THRIVE program.
Caldwell said the connections with corporations has been golden for 3Bar.
“There are now a lot of companies in the THRIVE network that connect with other CEOs of young startups, and some of the larger relationships have been very impactful,” he said.
The sky is the limit for the company, he said. 3Bar plans to double sales and staffing annually and expand its reach when it comes to crops and geographies.