- Pattern closes Series B round led by Conti Ventures, with new and existing investors including The Production Board, Valor, and Founders Fund
- Utilizing breakthroughs in genomic sequencing, Pattern provides predictions about next season’s pest, disease, and fertility risks to crops
- These predictions increase farmer profitability, allowing them to leverage soil biology and reduce reliance on traditional, industrial crop chemistry inputs
EMERYVILLE, Calif., Aug. 25, 2022 (GLOBE NEWSWIRE) -- PatternAg, Inc., announced today a $35 million funding round led by Conti Ventures, joined by Bidra Innovations.
Existing investors also participated in the ag tech leader’s Series B round, including The Production Board, Valor Capital Group, Founders Fund, iSelect, LAUNCH and Ospraie Ag Sciences.
Pattern’s breakthrough metagenomics platform provides data-driven, evidence-based, long-term predictions about crop risks and nutrient deficiencies at scale in row crops. Pattern’s biological analytics service gives farmers actionable insight into the ways in which their soil biology impacts their on-farm outcomes.
Pattern provides predictive soil analytics that track pest, pathogen, biofertility, and nutrient levels for corn and soybean growers across the Midwest. These analytics help farmers predict and plan crop protection, seed selection, and fertility decisions for the upcoming season, and boost profits by $60+ per acre by increasing yields and controlling input costs.
“Pattern understands the power of focus for early-stage enterprises. By aiming their platform technology at key customer pain points in corn and soybean crops, they have built a practical product that helps farmers increase their profitability. We are excited to help them continue to build a full stack predictive agronomy product on their metagenomic platform which starts with biological activity in the soil,” noted Chris Abbott, Co-Head of Conti Ventures and new member of the Pattern Board of Directors.
The Series B round brings 4-year-old Pattern’s total funding to $60M and also helps expand Pattern’s intellectual property portfolio – which already includes the largest soil metagenomics dataset in the global agriculture industry.
“Building a computational platform for agriculture starts with data,” said Rob Hranac, CEO of Pattern. “Thanks to our customers, we have built the largest soil metagenomics dataset in agriculture. Ultimately, this data will drive the next generation of machine learning for predictive product placement in farms globally.”
Getting the most out of your soil
Pattern will be serving thousands of growers across the United States this year, with more than one million acres to be sampled. Pattern has enabled their customers to refine management decisions by providing actionable insights, and customizable recommendations on an intuitive platform.
“Pattern’s results shocked us. Sudden Death Syndrome in soybeans is not usually a concern, so we don’t typically treat it. When we saw how high our field pressure was for SDS, it was a red flag for us. We are used to getting 70 bushel an acre soybeans, but with this new information, and treating for a disease we didn’t even know we had, this may push us to 75 or 80 bushel an acre beans,” says Paul Sittig, Amber View Farms of South Dakota.
Just as genomics technology is rapidly becoming the front-line diagnostic test in human health, Pattern is applying these same genomics techniques to understanding plant health. For farmers, this means that they now have the ability to apply precision agricultural techniques to their agronomic input selection.
“Soils are a massive natural carbon sink, second only to oceans,” said David Friedberg, founder of The Climate Corporation and The Production Board. “Because of this, healthy soils are critical not just for food production, but also for climate change mitigation. Pattern is generating the information architecture that will enhance the microbiome to simultaneously optimize short term agricultural yields and long term global soil health."
For more information, visit www.pattern.ag.
PatternAg, Inc.
Founded in 2018, Pattern envisions a future where conventional agricultural inputs are enhanced and eventually replaced by precision microbiome engineering, improving farm productivity and sustainability. Pattern’s corporate office is headquartered in Emeryville, CA, with field teams located throughout the Midwest. Pattern uses analytics to help farmers optimize their spend on crop protection, seed selection, and fertility inputs while improving the long-term productivity of their land. To learn more, visit www.pattern.ag.
Continental Grain Company
Continental Grain Company (“Conti”) is a privately‐owned global investor, owner and operator of companies with more than 200 years of history across the food and agribusiness spectrum. We create long‐term value by applying deep industry knowledge, capital and talent to businesses ranging from established market leaders to promising innovators.
We build platforms that leverage our strategic expertise in food production, processing, and distribution to source proprietary deals, working alongside trusted partners and supporting strong management teams. We bring a long‐term ownership mindset, concentrating on investment and operating plans that create enduring value and a sustainable, efficient and nutritional food supply chain. Conti brings people, ideas and resources together to build the businesses that will feed the world. Visit www.continentalgrain.com to learn more.
Bidra Innovations
Backed by both the Mohammed VI Polytechnic University (UM6P) and the OCP Group, Bidra Innovations will invest an initial capital of $50 million over the next 4 years to back founders building technologies to sustainably feed a growing population.
OCP Group
The OCP Group helps feed a growing world population by providing it with essential elements for soil fertility and plant growth. With a century of expertise and a turnover of $9.4 billion in 2021, the OCP Group is a global leader in plant nutrition solutions and the world's largest producer of phosphate fertilizers. The Group offers a wide range of specialty phosphate fertilizers, adapted to enrich the soil, and increase agricultural yields to feed a growing world population efficiently and sustainably. The Group is firmly convinced that leadership and profitability go hand in hand with social responsibility and sustainable development. Its strategic vision is at the intersection of those two dimensions.
The Production Board
Founded by Dave Friedberg, The Production Board (TPB) is a venture foundry and holding company established to solve the most fundamental problems that affect our planet by reimagining global systems of production across food, agriculture, biomanufacturing, human health, and the broader life sciences. TPB builds businesses based on emerging scientific discoveries, partners with exceptional talent, and provides them with the capital, infrastructure, and market insights needed to deliver at least a 10x improvement in the cost, energy, time, or carbon footprint of conventional systems. Learn more about our work at www.tpb.co.
marketing@pattern.ag
