ChrysaLabs, a prominent innovator in soil science, has announced a successful $11 million (15 million Canadian dollars) Series A financing round. Leaps by Bayer, TELUS Ventures, and BDC Capital were among the investors in the round.
The company’s ChrysaLabs Probe™, a unique soil analysis tool, fuses three patented technologies with artificial intelligence (AI) machine learning to provide instantaneous, real-time insights directly into the field. The probe can analyze 40 different soil parameters, offering an accurate overview of soil conditions at a lower cost than traditional soil testing.
Within half a minute of inserting the probe into the ground, users receive a comprehensive soil analysis, including parameters such as macronutrients, micronutrients, pH, organic matter, Cation Exchange Capacity (CEC), organic carbon, bulk density, moisture, and more.
Samuel Fournier, Co-Founder and CEO of ChrysaLabs, commented on the importance of the investment round. According to the speaker, our spectroscopy soil probe provides accurate information about the soil. This information can help farmers combat climate change and improve their financial prospects. The investment we have recently received is crucial for our growth and will help us expand into the carbon verification market, allowing us to reach more farmers. The industry needs precise data, and our soil probe aims to deliver just that.
The ag carbon market is experiencing rapid growth but needs an accurate, scalable, and low-cost solution for providing reliable soil data. ChrysaLabs’ carbon quantification solution fills this gap by establishing a dependable method to verify nature-based carbon credits. It also provides unique insights into how soil evolves, unlocking the potential of the land in unprecedented ways.
Investors have shown enthusiasm for ChrysaLabs’ technology, which combines innovative technology with sustainable agriculture. Mario Mele, Vice President at TELUS Ventures, said, The technology developed by ChrysaLabs can potentially transform the agronomy and precision farming sectors. This innovative technology saves growers time, reduces their dependence on traditional wet soil labs, and provides a detailed digital replica of their land. This enables growers to manage their fertilizer more precisely and efficiently, improving crop yields. With access to real-time data, growers can make informed decisions that optimize fertilizer applications and enhance their agricultural output.
ChrysaLabs’ technology has been deployed across over two million acres in seven countries, six Canadian provinces, and 25 U.S. states, demonstrating its broad reach and acceptance. Moreover, the company’s recent funding round signals a promising future for both the firm and the future of precision farming.