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Soil testing startup EnrichAg digs up $6M

Jan 12, 2023
Illustration of shovel in a dirt pile with Ben Franklin's face.

Illustration: Shoshana Gordon/Axios

EnrichAg, a subsidiary of ag tech company Terramera that focuses on soil testing, has raised $6 million of a planned $15 million Series A round, the company exclusively tells Axios.

Why it matters: Ag tech startups continue to win over investors eager to tap into the resilient funding landscape around climate tech startups.

Details: At One Ventures led the initial tranche of the all-equity funding, and founding partner Tom Chi will take a seat on EnrichAg's board as part of the deal.

  • The company expects to raise the remainder of the round in the first quarter of 2023, Terramera CEO Karn Manhas tells Axios.
  • Terramera, which is based in Vancouver, British Columbia, is still a majority owner of EnrichAg, Manhas says.

Context: Terramera owns and operates multiple subsidiaries that rely on its library of patented software to run independent businesses.

How it works: EnrichAg sells software to help farmers analyze soil contents and recommends ways to increase carbon content in those soils to help stimulate crop growth.

  • It collects soil nutrient data via a proprietary sensor that tracks the levels of nitrogen, phosphorus, potassium and carbon.
  • Manhas says the AI-based software can help farmers decrease the amount of nitrogen-based fertilizers they use.
  • EnrichAg is currently operating its beta-phase sensor and plans to roll out a wider, subscription-based software model to its customers later this year.
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