Vancouver agri-tech company Terramera Inc. is spinning out a new soil analysis subsidiary, thanks to $6 million in venture capital financing.
Terramera has secured $6 million in seed financing for the new venture, with the funding led by At One Ventures, a venture capital firm focused on cleantech and agri-tech.
The private venture financing follows $2 million in federal government financing in May 2022 under the Agricultural Clean Technology Program.
Terramera on Thursday announced it is creating a new subsidiary, enrichAg, which will commercialize Terramera’s own soil enrichment platform: EnrichSoil.
The EnrichSoil technology measures soil composition, including nitrogen, phosphorus, potassium and carbon in real time. This may help farmers optimize fertilizer use.
“Farmers don’t have the tools to understand fertility levels across their fields with precision,” said Terramera CEO Karn Manhas. “Lack of precision on rates means over application and expense on fertilizer.
“EnrichSoil produces accurate maps of soil fertility and carbon across fields to show how healthy the soil and farm profits can become.”
“With this data more accessible, farmers can rapidly operationalize healthier and more profitable agricultural practices,” said At One Ventures founding partner Tom Chi.
Terramera says its EnrichSoil platform is 100 times more accurate than anything else on the market, and whereas other soil analysis processes can takes weeks to get test results back, EnrichSoil analyzes soil composition in real time. And because it measures carbon content, it may even allow some farmers to enter the carbon offset market.
