An Indianapolis-based agtech startup has closed on a $1.3 million seed round of funding. Smart Apply Inc., which has developed a precision spray system designed to reduce pesticide use and costs, says it will use the funding to further preparations for an upcoming Series A round.
The seed round was led by Indy-based VisionTech Angels with participation from Elevate Ventures in Indy, Frontier Angels in Montana, California-based AGrow Ventures and individual angel investors.
Smart Apply’s system is an add-on kit for existing air blast sprayers. The company says its technology can detect when a crop, usually those in orchards and vineyards, is in the spray zone and target the crop, instead of blanketing an entire area whether the crop is there or not.
The company cites a study published in The Journal of ASTM International, which found the system reduced pesticide use by up to 60%.
Venture capital investors pumped $51.7 billion into agrifoodtech startups worldwide in 2021, according to the latest edition of the annual AgFunder Agrifoodtech Investment Report, released today.
That represents an 85% increase over 2020’s $27.8 billion total, indicating the accelerating — and increasingly urgent — demand from investors and consumers for technologies that can enable more sustainable and resilient food systems.
Here are a few of the AgFunder Agrifoodtech Investment Report’s headline findings:
The Indiana Commission for Higher Education has selected AgriNovus board member Chris Lowery as the state’s next commissioner for higher education. Lowery currently serves as senior vice president of workforce, careers and adult strategy at Ivy Tech Community College.
Lowery was unanimously voted to the position by the 14-person commission following a national search. Lowery succeeds Teresa Lubbers, who in November announced plans to step down at the conclusion of the 2022 legislative session.
Lowery joined Ivy Tech in 2014 and prior to his role as senior vice president, he served as chancellor of the college’s Columbus and Southeast regions. He previously led public policy and engagement efforts for Batesville-based Hillenbrand Inc. (NYSE: HI) and was an aide to former Governor Robert Orr and then-Senator Dan Quayle.
“Alignment between education and workforce is critical to making Indiana a leader in attracting and developing talent,” Governor Eric Holcomb said in a news release. “Chris is uniquely experienced and positioned to continue advancing this vital work. He understands the role higher education must play in the skills and ability necessary for Indiana to compete in the global economy. I’m grateful he’s stepped up to take on this most important assignment.”
Agriculture is big business in Indiana, measuring more than $31 billion in cash receipts each year. But there is a new effort to support small businesses and entrepreneurs that want to take advantage of the agricultural sector. The state Tuesday announced the launch of the Agribusiness Initiative.
In an interview with Inside INdiana Business, Indiana State Department of Agriculture Director Bruce Kettler explained the program will be able to help producers that may be looking for new opportunities.
“There are resources that these companies want, and these companies need. In some cases, it could go from a farmer that’s looking for a way to maybe take a crop or livestock that they’re producing and figure out a way to be able to get into new markets,” said Kettler. “That’s what we can do.”
Purdue University has received a $1 million grant to develop a rapid test to find African Swine Flu in pigs.
That grant has been provided to Purdue by the National Animal Health Laboratory Network and the National Animal Disease Preparedness and Response Program.
The research funding was included in the U.S. Farm Bill to build up the nation’s ability to quickly detect and respond to high-consequence diseases.
African swine fever, a highly contagious swine disease, is currently found in the Dominican Republic. The disease does not infect people, but it can wipe out pork production in a region. Quick identification and containment are key to stopping its spread, and a team of Purdue University researchers are developing a rapid, pen-side test for the disease.
Mohit Verma, Assistant Professor of Agricultural and Biological Engineering at Purdue, will lead the project.
“A rapid test that can be done in the field is needed for surveillance and diagnosis of African swine fever,” said Verma. “When it hit China a few years ago, it wiped out 50% of the country’s pig population. It is a devastating disease, and hours, even minutes, matter in containing it.”
Ivy Tech Community College has established a new School of Entrepreneurship & Innovation. Ivy Tech says the school was launched in partnership with Regional Innovation and Startup Education to offer an Entrepreneurship Certificate program that can be completed in two semesters.
The program provides courses and resources for coaching, mentorship, and an “Ivy Shark Tank” experience where students can pitch to investors for funding. Ivy Tech says the program is being offered at its campuses in Bloomington, Indianapolis, Fort Wayne, and South Bend.
“Even before the pandemic, small businesses were struggling to find success, often because owners had a passion and a skill for developing a great product or service, but they lacked the tools needed to effectively run the business,” said Dr. Ronda Taylor, dean of the Garatoni School of Entrepreneurship & Innovation at Ivy Tech. “Our program is set up to provide practical skills students can put into action immediately around topics such as marketing, financials, human resources, and legal considerations.”
Jasper-based Farbest Foods Inc. is in the midst of a nearly $13 million expansion of its plant in Huntingburg. The turkey processing company is adding more than 22,000 to its deboning room, which it says will streamline the deboning process and improve output.
The addition is being built by Florida-based design and construction firm Stellar. Lead construction manager Tyler Netting says the new space will include refrigerated space and adjacent shipping docks designed to help Farbest Foods incorporate new equipment.
The Indiana Economic Development Corp. has announced the grant recipients in the $500 million Regional Economic Acceleration and Development Initiative. The IEDC Board of Directors has approved recommendations to provide grants to all 17 regions representing every Indiana county, including five regions receiving the maximum $50 million allocation. The state says a total of more than 800 projects were proposed across all regions, which could lead to more than $15 billion in total matching investments.
In an interview with Inside INdiana Business, IEDC Senior Vice President of Community Affairs Mark Wasky said community engagement in the program was key to its success.
“We know how important a focus on investing in quality of place is in our ability to continue our economic growth,” said Wasky. “So, helping regions across the state, hopefully touching every community in Indiana, is really exciting for us in terms of the potential that it can bring.”
North Manchester-based MPS Egg Farms has broken ground on a facility it says will produce the world’s first carbon-neutral, cage-free eggs for The Kroger Co. (NYSE: KR) and its Simple Truth brand. The system uses an enclosed barn, but still offers an open environment with a partial sunroof and wooded-like environment that allows hens to roam. MPS is partnering with Kipster Farms, an egg farm in The Netherlands that developed the concept.
In an interview with Inside INdiana Business, Vice President of Business Development Sam Krouse explained how the shift embraces the company’s mission.
“We really think that this is where consumers are headed. We’re seeing more and more consumers migrating towards higher end eggs,” said Krouse. “More people are going for things like free range, pasture-raised, elevated animal welfare standards. And it’s a place where we knew that MPS wanted to play. We love the idea of producing in a sustainable manner.”
