“Bio-inspired” agri-tech start-up lands US$22m Series C funding
20 May 2020 --- Sound Agriculture, producer of sustainable crop solutions that “unlock” the power of plants, has received US$22 million Series C funding, led by Seed 2 Growth (S2G) Ventures, a venture fund focused on healthy and sustainable food innovation. Existing investors, Cultivian Sandbox, Fall Line Capital, Cavallo Ventures and Syngenta Ventures, also participated in the round. The financing will be used to accelerate the development of novel bio-inspired plant traits and chemistries, as well as new business development efforts across food and agriculture.
“Sound Agriculture is launching discoveries that are in line with our goals for a healthier, more resilient and more sustainable food system,” says Sanjeev Krishnan, Managing Director and CIO of S2G Ventures, who has joined the Board of Directors. “By combining our understanding of evolving consumer food preferences with their novel technology platform, we will be able to provide new answers to the challenges facing the entire food system.”
Sound’s solutions allow agriculture to adapt faster to climate change and evolving consumer preferences. Its discoveries about how plants interact with the environment have resulted in products that allow growers to boost nutrient use efficiency, drought tolerance, plant growth and stress resilience among crops while reducing reliance on water and fertilizer, according to the company.
Activating microbes in the soil
The company’s first commercial product, Source, was launched last year to increase on-farm efficiency. Applied as a foliar spray, Source works in the soil where it activates beneficial microbes at the root zone. These microbes unlock phosphate to make it available to the plant, and transform nitrogen in the atmosphere into a plant-available form. The result is an increased nitrogen and phosphorus boost throughout the season, which can lead to improved plant health and enhanced yield.
By harnessing existing nutrients in the field, Source provides an average corn yield increase of eight to ten bushels per acre without requiring more fertilizer. Additional products will support the efficient use of other natural resources, allowing growers to maintain profitability while improving the environment.
Source has been shown to provide an average corn yield increase of eight to ten bushels per acre without requiring more fertilizer.In addition to grower-facing products, Sound is addressing changing consumer preferences with its on-demand breeding platform that rapidly evolves traits to improve the nutrition, taste and sustainability of food without gene modification. “Developing a more diverse set of crop solutions is essential to the success of growers consumers and the well-being of the planet,” says Adam Litle, CEO of Sound.
The Bill and Melinda Gates Foundation provided early funding that supported the development of a product to tackle major problems for smallholder farmers in sub-Saharan Africa. After that success, the team expanded its discovery platform and gained a proprietary understanding of the complex interactions between molecules and plants. These insights have led to new technologies that are changing the way growers manage environmental stress issues in the field.
“Embracing modern approaches to plant science is a critical step to ensure the well-being of our food system and the planet,” says Cheryl Martin, Chair of the Board at Sound.
Sustainable agriculture during COVID-19
At a time of global uncertainty, it’s not unusual for investments in sustainability to be put on hold. However, Sound argues that these financial benefits and sustainability are not at odds with each other. Instead, more efficient and adaptive crops are what is needed in times of crisis.
“As we likely head into a recession, we don’t know how long it will last or how it will affect agriculture. We wanted to make sure we have a runway going into the future,” Litle continues. “We are working on some things that already fit quite well into this post-COVID-19 world.”
In addition, the company is working in the field of epigenetics to accelerate plant breeding to improve the nutrition, taste, and sustainability of food without relying on gene editing technologies.
By Missy Green
