Agricultural technology, media and investment platform AgFunder has taken part in a $13m series A round for US-based soil analytics software provider Trace Genomics.
Venture capital firm Stage 1 Ventures led the round, which also featured hedge fund Viking Global Investors.
Founded in 2015, Trace Genomics provides technology that uses DNA sequencing and machine learning to analyse soil samples in order to inform farmers about which crop varieties would grow in certain soil and give information on which nutrients or microbes would be most beneficial.
The company’s platform includes dozens of soil health indicators and more than 100 disease risk indicators for over 70 crops.
Michael Dean, chief investment officer for AgFunder, said: “We think Trace Genomics’ category-defining technology has the potential to materially change our approach to food production.
“As their data library grows, they will identify microbial relationships that can threaten or sustain crops, enabling appropriate responses by growers and their advisers.”
The series A round brings Trace Genomics’ total funding to more than $19m. It raised $4m in a 2016 round led by Refactor Capital that included genome technology provider Illumina, Viking Global and Fall Line Capital.