Closes $750,000 Seed Round to help Reduce the Cost of Soil Carbon Measurement
Summary
The funding will be used to further scale up our infrastructure footprint across Australia and New Zealand, integrating more testing labs and supporting the simplification of the Australian Clean Energy Regulators soil carbon measurement methodology.Rob Williams from Artesian Venture Capital, who led the round, said Artesian and GrainInnovate are excited by the opportunity to invest further in FarmLab as the company moves to accelerate growth and scale-up its technology and infrastructure. GrainInnovate is a $50m VC fund established by the Grains Research and Development Corporation (GRDC) and Artesian to invest in startups to help drive the future profitability and sustainability of Australias grain growers.William Evans from the Prove Group, said We are excited to support an innovative local start-up thats applying technology smartly to help farmers prepare for a low carbon future. Similar to Xero for accounting, FarmLab provides software that makes it easier for farmers and service providers to efficiently access soil data and make better decisions which will improve soil health and carbon profiles. We see this software and the supporting technology as only becoming more integral to good farm management and we look forward to supporting FarmLab as they develop world leading products for farmers here and abroad.Late last year FarmLab announced their #1million1billion mission to help 1 million farmers sequester 1 billion tonnes of CO2 by 2025. Over the coming year they hope to continue to expand that mission across farms in Australia and the US, and are working on pilot projects in India to support small-scale farmers benefit from the sale of carbon offsets.