2024-08-18-PitchBook-PitchBook年二季度Agtech报告（英）_11页_13mb

Agtech Report Summary

Core Content

This report provides an overview of the Agtech sector's venture capital (VC) trends and innovation highlights for Q2 2024. It includes data on VC deal activity, key subsegments, notable companies, and market valuations. The report also features a market map of venture-backed Agtech companies and highlights recent VC exits and funding rounds.

Main Points

VC Deal Activity in Q2 2024

• Total deals: 147
• Total VC raised: $1.1 billion
• Quarter-over-quarter (QoQ) growth: -26.1% in deal count, -6.0% in total VC raised
• Annual trends: Projected decline of 42.4% in deal values and 30.7% in deal count for 2024 compared to 2023

Key Subsegments

1. Ag finance & insurance: Raised $104.5 million across 9 deals, up 49.6% and 12.5% in deal value and count, respectively.
2. Livestock & land animal technology: Raised $29.1 million across 12 deals, essentially on par with the prior quarter.
3. Drones & imagery analytics: Raised $96.3 million across 10 deals.
4. Robotics & smart field equipment: Raised $115.5 million across 19 deals.

Valuation Trends

• Pre-money valuations: Declined 15.5% for early-stage and 69.4% for venture-growth stage companies compared to 2023.
• Pre-seed and late-stage valuations: Increased by 45.8% and 62.9%, respectively.
• Median pre-money valuation: $12.8 million at the end of Q2, down 14.0% from 2023.

Notable VC Deals in Q2 2024

Notable VC Exits in H1 2024

Innovation Spotlights

Agriculture Drones

• Synspective: Raised $44.6 million in Series C funding, providing satellite data and remote monitoring services for forest inventory and preservation.
• LiveEO: Secured $27.0 million in Series B funding, offering drone-based solutions for agricultural monitoring.

Gene Editing

• Micropep Technologies: Raised $37.9 million in Series B funding, focusing on plant biotech and gene editing solutions.

Select Company Highlights: Monarch Tractor

Overview

• Monarch Tractor is an agriculture robotics company that provides autonomous tractors and management software to improve efficiency and sustainability in farm operations.
• Launched its fully electric tractor, the MK-V, in 2022 and has delivered over 400 vehicles to customers in 12 states and three countries.
• The tractor is driver optional and can be programmed and tracked through Monarch's field management software, WingspanAI.
• In July 2024, Monarch secured $133.0 million in Series C funding to increase tractor production and expand its digital solutions.

Leadership

• Led by four co-founders with backgrounds in engineering, agriculture, and supply chain.
• CEO Praveen Penmetsa has over 20 years of engineering experience and previous board seats at early-stage VC companies.
• President Mark Schwager and CTO Zachary Omohundro have extensive engineering and supply-chain backgrounds.
• Co-founder and Chief Farming Officer Carlo Mondavi brings strong agricultural experience and knowledge of regenerative farming practices.

Key Company Information

• Founded: 2018
• Total Raised: $281.5 million over five deals (including debt)
• Last Financing: $518.0 million post-money valuation as of July 2024
• Employees: 296
• HQ Location: Livermore, US
• Lead Investors: Astenor Ventures, CTBC Venture Capital

Competitors

• New Holland: Released an autonomous electric tractor in 2022 and partnered with Bluewhite for additional autonomous tech.
• John Deere & Massey Ferguson: Still developing electric tractor offerings.
• Oxin: Developing autonomous tractors for vineyards and orchards.
• VitiBot: Electric, autonomous vineyard straddle robot for mechanical weeding, mowing, spraying, and more.
• Naio Technologies: Produces a fleet of smaller, fully autonomous farming equipment for basic tasks.

Additional Information

• The report is designed by Chloe Ladwig and Julia Midkiff.
• Published on August 8, 2024.
• The market map provides an overview of venture-backed or growth-stage Agtech companies.
• The report is part of PitchBook Industry and Technology Research, offering independent, objective, and timely market intelligence.
• It is intended for investors to better navigate the Agtech sector and pursue new opportunities.