Trace Genomics Raises Oversubscribed $10.5 Million Series B, Expanding Reach of Pioneering DNA Soil Intelligence Platform

The Company also welcomes new Chief Marketing and Chief Revenue Officers to bolster strategic growth.

AMES, Iowa, Feb. 20, 2024 /PRNewswire/ -- Trace Genomics (Trace), the industry leader in DNA-based soil intelligence, today announced its successful Series B funding round at $10.5 million led by existing investors S2G Ventures and Ajax Strategies, as well as new investor Rabo Ventures. The round exceeded expectations and demonstrated strong investor confidence in Trace's trajectory and growth strategy. With this additional funding, Trace plans to expand its commercial growth, making its offerings available to more farmers and agronomists.

Poornima Parameswaran, CEO and Co-founder of Trace, stated, "The Series B funding represents a pivotal milestone for Trace, positioning us to accelerate our reach with cutting-edge soil DNA intelligence solutions, and advancing sustainable agriculture with a focus on farmer profitability. Our commitment to providing customers with innovative technology and comprehensive support with operational excellence aims to improve agricultural business outcomes and boost productivity for farmers and agronomists."

Trace Genomics, a leader in soil health innovation, has developed a groundbreaking way to understand what's happening beneath the surface of our farms. By examining the DNA of organisms in soil, farmers can get an individualized and detailed picture of soil health. This approach not only highlights what's going on with the soil right now but also helps farmers make better decisions for their crops in the future. Trace Genomics helps farmers identify potential diseases before they become a problem, understand the soil's fertility levels, and offer personalized recommendations to improve crop health and yield. This means farmers can grow more with less, using the optimal biologicals and chemicals, and making farming more sustainable for all.

"We're excited to partner with Trace as they continue to advance and scale their technology," said Cristina Rohr, Managing Director at S2G Ventures. "Their innovation provides deep soil insights, fostering sustainable crop production and improved decision-making across the agricultural value chain. Trace Genomics empowers farmers, manufacturers, and agronomists with better risk assessment and demand forecasting, leading to enhanced yield and cost management."

In 2024-25, Trace is set to broaden its reach, aiming to deliver its pioneering data and insights to an increased number of growers and agronomists, building on both existing and new partnerships. To support this growth, the company is delighted to announce the addition of two key leaders to its team, significantly enhancing its commercial capabilities. Adam Burnhams joins as the Chief Marketing Officer, bringing over 30 years of global agribusiness experience, encompassing sales, marketing, research, and development roles across startups, basic, and post-patent companies. Tim Yandel joins as the Chief Revenue Officer, a seasoned sales professional with 20 years of experience, including 15 years in leadership positions, with expertise in machine learning, AI, computer vision, big data, marketing tech, and climate tech.

This strategic expansion builds upon last year's successes, which included the launch of its flagship product TraceCOMPLETE, the establishment of key commercial partnerships in the US and Canada, the refinement of its commercial strategy for enhanced market penetration, and compelling success stories from farmers and agronomists about how Trace's insights have improved their financial outcomes.

"While it's widely acknowledged that the soil microbiome significantly impacts crop outcomes, soil-biology analysis has historically been underutilized in agronomists' toolkits due to cost, complexity, and time requirements. However, Trace's cutting-edge soil intelligence platform has successfully addressed these challenges. As a result, it provides growers with an unprecedented level of insight and truly data-driven recommendations," said Shishir Sinha, Investment Director at Rabo Ventures. "We are excited by the paradigm shift that Trace brings to agriculture – unlocking the power of biologicals while enabling the adoption of NUE solutions, and making pest management predictive"

About Trace Genomics
Trace Genomics is a pioneer in the use of hi-definition genomics, soil science, and machine learning to activate hidden insights in soil for economic and ecosystem benefits. Where most companies deliver a partial picture, we provide a comprehensive and precise understanding of the soil's composition—analyzing the soil's biology, physical properties, and chemistry. Trace Genomics delivers targeted database insights and actions at cost-speed-scale-accuracy for partners who are advancing modern farming solutions. More information can be found at www.tracegenomics.com.

Contacts
Kaylee Tanner
Trace Genomics
kaylee.tanner@tracegenomics.com

SOURCE Trace Genomics