Recent Deals – 30 July 2024
Agriculture & Food
InnerPlant (2018) is a developer of genetic engineering technology that enables crops to biologically signal when they are under biotic or abiotic stress. Their platform, CropVoice, combines data from a network of InnerSoy plants to give spray recommendations for fungal infections.
On July 25th, InnerPlant raised $30M in Series B funding from a group of North American farmers that included Coutts Agro, Systemiq Capital, John Deere, and Bison Ventures.
The funding will support the rollout of CropVoice, which is expected to launch in Illinois and Iowa in 2025. It will also support ongoing R&D to ingress InnerPlant’s traits into elite germplasm in preparation for broad, channel-led seed sales.
Energy & Power
Heimdall Power (2015) develops real time power line monitoring systems. Their Neuron sensors, sphere-shaped devices that are installed by autonomous drones on live, high-voltage power lines, enable grid operators access to additional transmission capacity.
Heimdall raised $25M in Growth Equity on July 16th from Orlen VC, NRP Zero, Investinor, Eviny Ventures, Hafslund, Lyse, and Sarsia Seed Management.
The funding will facilitate the scaling production of its technology as a part of their efforts to expand internationally and grow its team. Heimdall has currently undertaken a grid optimization project with Great River Energy in Minnesota.
Materials & Chemicals
Nearfield Instruments (2016) produces high throughput scanning probe microscopy systems for the semiconductor industry. Their technology, QUADRA, uses high-resolution metrology capabilities to provide non-destructive and high throughput process control solutions for chip manufacturers.
Nearfield Instruments’ July 18th oversubscribed round raised $145M in Growth Equity, achieving a milestone for the sector as the second largest capital raise in Europe and the U.S. in the last five years. New investors Walden Catalyst, Temasek, and M&G Investments were joined by existing investors Innovation Industries, Invest-NL, and ING.
The investment will increase Nearfield’s production capacity and expand their product portfolio. QUADRA 3D has recently been fully integrated into the first major high-volume semiconductor manufacturing lab.
Resources & Environmental Management
CarbonBlue (2022) is a developer of water-based carbon dioxide removal technology. Their technology’s universal water compatibility enables integration with any water-utilizing facility and has the potential to convert existing water infrastructure of any type into a carbon dioxide removal asset.
On July 22nd, CarbonBlue secured a $10M Seed round led by Ibex Investors and Fresh Fund. Engie New Ventures, Zim Ventures, Jibe Ventures, MoreVC, and Secret Chord Ventures also contributed to the round.
The investment will enable the company to expand global operations through scaling up its technology. CarbonBlue intends to pursue novel integrations of its technology and expand collaborations within the industry.
Transportation & Logistics
Monarch Tractor (2017) is an EV tractor developer. Their tractors are equipped with automated driving and operational features through data analytics, providing integrated farm management capabilities including mowing, harvesting, tilling, under-row weeding, and even feed pushing.
Monarch Tractor’s $133M Growth Equity round on July 22nd was co-led by Astanor and Foxconn Technology Group. The investment brings the company’s total capital raise to $220M to date.
The capital will facilitate the production of more tractors and increase efforts into improving customer support. Ultimately, Monarch intends to double down on its efforts to expand into more states, having shifted away from its initial market of vineyards and fruit farms to include dairy farms and airports.
Waste and Recycling
Grover (2015) provides an electronics rental and recycling service. Grover offers a technology rental platform on a flexible, monthly rental basis that has saved over 220,000 products from e-waste from 2015-2023.
Grover’s July 18th Growth Equity round raised $54.4M from new investor Cool Japan Fund along with existing investors Energy Impact Partners, Korelya Capital, Augmentum Fintech, and Circularity Capital. Cool Japan Fund contributed $10.8M with the aim to meet overseas demand for Japanese products in Europe.
The funding round will be put towards Grover’s continued efforts in expanding its offerings in the B2C and B2B sectors.
Upcoming Event
Climate mitigation remains the best long-term form of adaptation.
But, with the reality that the world will miss the 1.5°C target, adaptation and resilience as an innovation theme is becoming ever more important to protect people, property, and our livelihood, as well as enable people to live and industries to function in a new climate reality.
Join us on September 10 in Boston, MA for a one-day special event where leaders and innovators will discuss the interplay between adaptation and mitigation.
