Key Takeaways:
- Trace Genomics announces a successful Series B funding round of $10.5 million, led by S2G Ventures, Ajax Strategies, and newly joined Rabo Ventures.
- The investment aims to extend Trace’s commercial growth, broadening access to its soil DNA intelligence solutions for farmers and agronomists.
- Poornima Parameswaran, CEO, emphasizes the role of funding in advancing sustainable agriculture and farmer profitability through innovative technology.
- Trace plans to deepen its market penetration and operational capabilities by adding two experienced leaders.
- The company’s technology offers detailed soil health insights, aiding disease prevention, fertility optimization, and sustainable crop management.
Bridging Innovation and Agriculture
Trace Genomics, recognized for its pioneering DNA-based soil health analysis, has secured $10.5 million in a Series B funding round. This financial milestone, led by existing investors S2G Ventures, Ajax Strategies, and new participant Rabo Ventures, exceeded initial expectations, reflecting strong investor confidence in Trace’s potential to revolutionize agricultural practices.
Poornima Parameswaran, CEO and Co-founder of Trace, reflected on the significance of this financial influx, stating, “The Series B funding represents a pivotal milestone for Trace, positioning us to accelerate our reach with cutting-edge soil DNA intelligence solutions and advancing sustainable agriculture with a focus on farmer profitability. Our commitment to providing customers with innovative technology and comprehensive support with operational excellence aims to improve agricultural business outcomes and boost productivity for farmers and agronomists.”
A New Era of Soil Analysis
Trace Genomics has innovated a groundbreaking method to assess soil health by examining the DNA of soil organisms. This approach offers farmers a detailed view of their soil’s condition, enabling better crop management decisions to enhance yield and sustainability. The company’s technology aims to help farmers preemptively identify potential diseases, assess soil fertility, and tailor recommendations to improve overall crop health.
Cristina Rohr, Managing Director at S2G Ventures, lauded Trace’s technological advancements, saying, “Their innovation provides deep soil insights, fostering sustainable crop production and improved decision-making across the agricultural value chain. Trace Genomics empowers farmers, manufacturers, and agronomists with better risk assessment and demand forecasting, leading to enhanced yield and cost management.”
Strategic Growth and Leadership Enhancements
In anticipation of expanding its reach in 2024-25, Trace is set to deliver its innovative data and insights to a larger audience of growers and agronomists. This expansion strategy is supported by the addition of Adam Burnhams as Chief Marketing Officer and Tim Yandel as Chief Revenue Officer, who brings extensive experience in their respective fields to Trace.
Reflecting on the company’s trajectory and the importance of soil biology in agriculture, Shishir Sinha, Investment Director at Rabo Ventures, remarked, “While it’s widely acknowledged that the soil microbiome significantly impacts crop outcomes, soil-biology analysis has historically been underutilized in agronomists’ toolkits due to cost, complexity, and time requirements. However, Trace’s cutting-edge soil intelligence platform has successfully addressed these challenges.”
