Agtech Stenon raises 18 million euros in series b round
German agtech Stenon, a specialist in real-time soil analysis, raised €18 million in Series B, equivalent to approximately R$106 million. The resources will be used to accelerate the development of new products and expansion in markets where Stenon already operates, such as Brazil.
The company's services include real-time nitrogen management and soil organic carbon (SOC).
The round was led by Pymwymic, a pioneering European impact investor focused on food and agriculture. DeepTech & Climate Fonds (DTCF) also came on board as a new investor, bringing experience at the scale of capital-intensive European deep tech companies. Existing investors including Atlantic, Oyster Bay, Founders Fund, TIME Ventures (Marc Benioff's investment vehicle) and Bernd Hoffmann (former VP of AGCO and Claas KGaA) also participated.
"When nitrogen is expensive or limited, each imprecise application becomes cost, risk and loss of efficiency. Brazilian producers and distributors do not control exchange rates, international prices or global availability of fertilizers, but they can control with much more precision how each kilogram is used. This is where Stenon's core competence comes in: measuring nitrogen available to the plant in real time and combining this data with SOC to support better fertilization decisions and a more robust view of soil productivity", says Niels Grabbert, founder and CEO of Stenon, in note.
According to the company, Series B resources will be used to:
- expand commercial, agronomic and service operations in South America, with Brazil as a core market, in addition to Central Asia and selected European countries where Stenon already has commercial activity;
- strengthen regional agronomic calibration, product localization and customer support for local soils, crops and production systems;
- advance FarmLab's capabilities in nitrogen management and SOC measurement; and
- primarily, evolve the technology from a proven portable field sensing system to a real-time nutrient intelligence system integrated into agricultural machinery.
Source: CNN