ChrysaLabs Secures CA $15 Million ($11 Million) Series A Funding to Increase Instant Access to Reliable and Low-Cost Soil Insights, Including Carbon Verification
Investment will advance smart farming technology to empower growers with real-time portable lab data and to support the carbon credit industry with scientifically accurate measurements
MONTREAL — May 10, 2023 — /PRNewswire/ — ChrysaLabs, a leading innovator at the forefront of soil science, announced today a 15 million Canadian dollar ($11 million) financing round, including investments from Leaps by Bayer, TELUS Ventures and BDC Capital. Existing investors Ecofuel, Emmertech, Anges Québec, AQC and Koan Capital are also participating in this financing.
A ChrysaLabs ProbeTM combines three cutting-edge and patented technologies with AI machine learning to deliver real-time insights straight to the field. The sampling probe analyzes 40 different soil parameters to provide a precise overview of what is happening in the soil, at a lower cost than traditional soil testing. Within 30 seconds of inserting the probe into the ground, users will have a complete soil analysis – including macronutrients, micronutrients, pH, organic matter, CEC, organic carbon, bulk density, moisture and more – at their fingertips.
"Our spectroscopy-based soil probe delivers ground truth soil information, which can empower farmers to make a real impact on climate change while advancing their financial opportunities," said ChrysaLabs Co-Founder and CEO, Samuel Fournier. "This investment round comes at an important time for us and the industry, which is greatly in need of accurate data, and will propel our expansion into the carbon verification market and onto more farmers' fields."
Today, the rapidly growing ag carbon market is missing an accurate, scalable and low-cost solution to deliver trustworthy soil data. ChrysaLabs' carbon quantification solution establishes a reliable method to verify nature-based carbon credits. The unique ability to gather information on how soil evolves over time unlocks land's potential like never before.
With a product at the intersection of technology and sustainable agriculture, investors are enthusiastic about the potential of ChrysaLabs.
"ChrysaLabs' breakthrough innovation will transform how we look at soil and carbon," said Juergen Eckhardt, EVP and Head of Leaps by Bayer. "Now, for the first time, we can unearth near-real time data that is both accurate and actionable – improving overall sustainability. This is a significant advance over the status quo of mailing soil samples to a lab, which delays the grower's ability to manage their soil as a dynamic input and inform a wide range of decisions. These insights align and accelerate economic and sustainable outcomes."
"ChrysaLabs' technology has the potential to revolutionize the world of agronomy and precision farming," said Mario Mele, Vice President at TELUS Ventures. "Their technology not only helps growers save time and reduce their reliance on traditional wet soil labs, but also provides them with a comprehensive digital twin of their land, allowing for more precise, and efficient fertilizer management. We see a tremendous potential to make an impact on the future of agronomic services globally and are excited to be a part of their journey."
"We're committed to helping Canadian farmers improve profitability while making their business more environmentally friendly and sustainable over time," said Joseph Regan, Managing Partner, Industrial Innovation Venture Fund at BDC Capital. "Real-time data empowers growers to make decisions that improve yield while optimizing fertilizer applications."
To date, ChrysaLabs technology has been used on more than two million acres across seven countries, six Canadian provinces and 25 U.S. states.
Better soil intelligence for better decisions. ChrysaLabs is a fast-growing ag tech company at the intersection of agriculture and science. We believe that fast and accurate soil data are key components of precision ag. ChrysaLabs' unique solution uses Cloud computing, Artificial Intelligence, and machine learning to extract real-time data from its patented spectroscopy technology providing precious information within seconds, and allowing field managers to take the best actions minutes after sampling. Our technology enables producers and agronomists to sample the soil as many times as they want: more data leads to more precise actions, higher yield, and optimized costs.
Philippe De L'Étoile