Anna [0:02 - 14:46]: Welcome to Agtech Weekly Review, your go to podcast for the latest and greatest in agricultural technology. I'm your host Anna, and I am thrilled to bring you today's episode packed with exciting updates and groundbreaking advancements in the Agtech world. Today, we'll dive into major new funding rounds that are set to revolutionize the industry, with applied carbon leaf and inner plant leading the charge. We'll also explore the latest financial results from key players like FMC Corporation, CNH Industrial and Corteva. But that's not all. We'll highlight strategic partnerships, certifications and acquisitions making waves in the sector. Plus, we'll give you a sneak peek into upcoming Agtech events and webinars that you simply can't miss. Get ready to be informed and inspired as we journey through these exciting changes together. Applied Carbon has successfully raised $21.5 million in a Series A funding round led by TUVC. That's right, 21.5 million. A significant injection of capital also saw contributions from an impressive roster of investors. These includes congruent Ventures, Grantham Foundation, Microsoft Climate Innovation Fund, S 2G Ventures, Overture, VC, Wireframe Ventures, Autodesk Foundation, Anglo American, Susquehanna Foundation, US Endowment for Forestry and Communities, Telus pollinator Fund for good, and elemental accelerator. So what are they going to do with all that money? Well, the funds will be used to deploy a fleet of biochar machines across Texas, Oklahoma, Arkansas and Louisiana. These machines are designed to deliver high durability carbon removal and agricultural services, tackling the urgent need for effective carbon sequestration solutions. Joshua Fattoussi, co founder and managing partner at TOVC, highlighted the transformative potential of biochar. Biochar is unique in its potential to sequester carbon at a permanence and price point conducive to mass scale adoption. Applied carbon turns that potential into reality it's exciting to see how applied carbon is positioning itself as a key player in the fight against climate change. Their innovative approach not only supports carbon sequestration, but also provides tangible benefits to agriculture, demonstrating a perfect balance of environmental and economic impact. This is just the beginning for applied carbon, and we can't wait to see how their technology will evolve and make a meaningful impact in the coming years. This funding round is a big step forward, and with such strong backing, the sky's the limit. Leaf, the leading company behind the premier unified farm data API, has just announced the successful closure of an $11.3 million Series A funding round. The round was led by Sparrow Ventures and saw participation from all of Leaf's existing investors, solidifying confidence in Leaf's transformative vision for farm data management. Leif's API is set to revolutionize the way agricultural data is collected, processed and utilized. By creating a seamless and efficient platform for farm data management, Leaf is tackling one of the industry's most pressing fragmented and siloed data. Farmers and agricultural businesses will benefit from a more unified, integrated approach that allows them to make data driven decisions with higher accuracy and speed. Joining Leaf's board of directors with this new round of funding is Andrew Parker, who will bring a wealth of experience and leadership to the team. The infusion of capital and expertise is expected to accelerate Leif's growth and further enhance their platform, providing more robust support for the agriculture sector. G. Bailey Stockdale, the co founder and CEO of Leaf, shared his inspiration for creating the company. While developing agronomy tools for his family's farm, Stockdale experienced firsthand the difficulties of connecting various pieces of agriculture data. Inspired by successful tools in other industries, such as stripe in finance and Twilio in telecommunications, he envisioned a similar robust and efficient tool for agriculture. Leif's mission is to make farm data management as simple and reliable as possible, giving the agriculture sector the tools it needs to thrive in a data driven future. With the new funding and strategic board additions, Leaf is well on its way to achieving this goal, transforming agricultural operations and optimizing outcomes for farms worldwide. Stay tuned as Leaf continues to innovate and lead the charge in farm data management, paving the way for a more efficient and productive future in agriculture. Inner Plant, a groundbreaking seed technology company, has just announced a massive $30 million Series B funding round. What makes this round incredibly special is that it's led by a coalition of large north american farmers spearheaded by Kauts Agro. Joining them are systemic capital and previous investors, including industry giants deer and company and bison Ventures. But what does interplant do, and why is this funding a big deal? Well, the company is on a mission to revolutionize farming by enhancing efficiency and sustainability. How, you ask? Through their cutting edge seed technologies that enable plants to emit signals about their health and needs. Imagine plants that can essentially talk to farmers, telling them if they need water, nutrients, or if they're stressed by pests. It's a game changer. The brainchild behind this vision is Shelley Aronoff, the CEO and co founder of Interplant. Aronoff has always believed in putting farmers at the center of innovation. Reflecting on this significant funding milestone, she remarked, were very proud that this round is being led by the people who best understand what's needed on the farm and what innovation in agriculture looks like. We've always put farmers at the center of everything we do, and this investment validates that farmer centric culture and our technology. This farmer led investment is a powerful endorsement of inner plant's technology and its practical applications. The funds from this Series B round will allow inner plant to scale their operations, improve their products and bring even more innovative solutions to market. Think of it as the next giant leap in sustainable farming, where technology meets nature to create harmony and efficiency. As interplant continues to grow and innovate, they're setting a new standard for what's possible in agriculture. With this fresh injection of capital, they're poised to address some of the most pressing challenges in farming today, paving the way for a more sustainable and bountiful future. So keep an eye on inner plant. They're not just planting seeds, they're planting the future of agriculture. FMC Corporation has reported a stellar performance for the second quarter of 2024, showcasing significant growth in both revenue and earnings. For those following their progress, FMC's revenue climbed by an impressive 2%, reaching $1.04 billion. What really stands out is their GAAP income per diluted share, which soared by a whopping 879%, a testament to their robust business strategies and market adaptability. But that's not all. FMC also achieved a 26% increase in adjusted earnings per share, hitting $0.63. Alongside this, their adjusted EBITDA grew by 8% to $202 million, supported substantially by a 14% rise in sales volume. This uptick in sales volume indicates strong market demand and effective inventory management, laying a sturdy foundation for their performance. In light of these positive results, FMC has revised its 2024 revenue outlook, now projecting between 4.3 billion to 4.5 billion, with an expected revenue increase of 15% in the second half of the year. CEO Pierre Brandeau noted that this quarter's success is a result of carefully navigating the market and anticipating customer needs, which has allowed FMC to outperform despite broader market challenges. FMCs strong financial performance highlights their effective strategic initiatives and the ongoing recovery in demand across their product segments. This makes them a company to watch closely as they continue to set benchmarks in the agricultural technology industry. Lets turn our attention to CNH Industrials financial results for the second quarter of 2024. Unfortunately, the company experienced a significant downturn this quarter. CNH Industrial reported a net income of $438 million, a marked drop from the same quarter the previous year. Diluted earnings per share also fell to $0.34 reflecting the challenging market conditions the company is navigating. Consolidated revenues for CNH totaled $5.49 billion, representing a substantial 16% decrease year over year. The decline is largely attributed to reduced global industry retail sales for both agriculture and construction equipment markets. Compounding the company's struggles, CEO Garrett Marks commented on these results, acknowledging the tough market conditions that have impacted CNH Industrial significantly, Marks emphasized the need for prudent business management throughout the rest of the year and highlighted the company's strategic focus on positioning for a stronger 2025. In response to these challenges, CNH Industrial has revised its 2024 outlook, projecting further declines in global industry, retail sales and other market changes. Additionally, effective January 1, 2025, CNH Industrial will transition from a foreign private issuer to a us domestic issuer. Despite the setbacks, CNH industrial remains committed to navigating these difficult times with strategic focus and resilience. Now, lets turn our attention to Corteva's second quarter financial results for 2024. Corteva reported a solid, if somewhat steady performance in this period. Overall, net sales saw a slight uptick, reaching $6.11 billion, which is a 1% increase year over year. While this may seem modest, it provides a stable foundation amidst a challenging market landscape. One of the standout areas for Corteva has been its seed segment, which experienced a 2% rise in net sales totaling $4.33 billion. This growth can be attributed to robust demand and strategic market positioning. The crop protection segment, on the other hand, remained flat, holding steady at $1.8 billion in net sales. Despite this, the company has shown resilience and adaptability, maintaining its performance in a tightly contested market. Corteva's leadership remains optimistic about the future. The company has adjusted its 2024 outlook, now projecting net sales to fall between $17.2 billion and $17.5 billion, coupled with an anticipated 4% growth in operating EBitda. At the midpoint, CEO Chuck Magro has been vocal about the strong performance of the seed segment and has emphasized the company's commitment to achieving its full year goals. Regardless of the external pressures. This steady growth indicates that Corteva is on a steady path, adapting to market dynamics and finding ways to leverage its strengths as market conditions continue to evolve. It will be interesting to see how Corteva navigates the remaining quarters of the year and beyond. Let's dive into some of the most exciting strategic partnerships and acquisitions that took place this week in the Agtech world. First up, Varda has announced a groundbreaking strategic partnership with Hamav. This collaboration is set to enhance the efficiency and sustainability of agribusinesses by integrating Varda's global field id service with Hamav's cutting edge AI platform layers. The aim is to accelerate field mapping and digitalization, improve crop monitoring, and provide accurate predictions across the entire agricultural value chain. This innovation is expected to revolutionize how farmers and agribusinesses manage their crops, making them more resilient and productive. Next, Buhler and NRGin have inaugurated the North American Insect center in Saskatoon, Canada, a monumental step forward in insect based protein production. The center serves as a research and demonstration hub focused on optimizing the growth and utilization of black soldier fly larvae. Prospective investors and stakeholders can now evaluate various larvae varieties and their adaptability to different byproduct streams, making this facility pivotal for the future of sustainable protein production. In regulatory news, Heinen Brothers Agra Services and its subsidiary Kelly Hills Unmanned systems have received approval from the Federal Aviation Administration to establish an unmanned aerial systems test range. To celebrate this milestone, they will host a grand opening event on August 22, 2024. Featuring spectacular test flights, this approval and event signify an exciting leap forward for drone technology and agriculture, promising enhanced precision in tasks like aerial spraying and crop monitoring. Moving on to acquisitions, ICL has made a significant move by acquiring custom Ag formulators for approximately $60 million. This acquisition aims to broaden ICL's growing solutions product offerings and position the company for growth in new and adjacent markets. CAF's customized agriculture formulations and products for growers will now benefit from ICL's expansive resources and distribution networks, enhancing their reach and effectiveness. Lastly, must grow biologics has received Idaho State Department of Agriculture registration approval for terrasanti, its innovative mustard plant based organic biofertility product. Terrasanti is designed to improve soil health, boost nutrient uptake, and increase plant yield sustainably. This product is free from artificial additives or preservatives and focuses on long term soil and ecological health. This approval is a significant step forward for must grow biologics and the sustainable agriculture movement. These strategic partnerships, certifications, and acquisitions are not only shaping the future of agricultural technology, but also ensuring a more efficient, sustainable, and productive agricultural industry. Thank you for tuning in to Agtech weekly review. I hope you found today's episode not only informative, but also inspiring as we navigate the fast evolving world of agricultural technology. Remember, innovation never sleeps, and neither do we. In bringing you the latest and greatest updates every week, don't forget to subscribe to the podcast so you never miss a beat on the newest funding rounds, groundbreaking partnerships, market insights, and upcoming events that shape the Agtech landscape. Stay curious, stay informed, and see you next week.