Trace Genomics, a Burlingame, California-based startup developing AI-enabled diagnostic tools for farmers to increase yields and reduce costs, closed a $13m in Series A funding.
The round, which brings total capital raised to more than $19m, was led by Stage 1 Ventures with participation from Viking Global Investors AgFunder, and others.
Founded by Dr. Diane Wu and Dr. Poornima Parameswaran, Trace Genomics has launched a scalable soil microbiome test to enable the early prediction of soil diseases, soil health and crop quality.
The company uses high-throughput DNA sequencing, artificial intelligence, and a database of known and previously unknowable microbial species living in agricultural soils to identify and profile the soil microbiome, interpreting key soil health and disease risk indicators for every soil sample.
Trace Genomics’ tests can also effectively gauge soil health, carbon sequestration, and sustainable agricultural production.
Next year, with its ability to process more than thousand soil samples a week across geographies and soil types, the company will expand to corn and soybean, with the potential to impact over 170 million acres in the US alone. Trace Genomics can identify the likelihood of crop diseases such as soybean sudden death syndrome, and can guide growers to decisions that lead to improved nutrient efficiency.
FinSMEs
14/11/2018