PitchBoo-k-2024年二季度Agtech報告（英）-2024-11正式版WN8

EMERGINGTECHRESEARCHAgtechReportVCtrendsandinnovationspotlightsQ2REPORTPREVIEWThefullreportisavailablethroughthePitchBookPlatform.2024ContentsInstitutionalResearchGroupAnalysisVerticalupdate3AlexFrederickSeniorAnalyst,EmergingTechnologyQ22024timelineAgtechlandscapeAgtechVCecosystemmarketmapVCactivity4alex.frederick@pbinstitutionalresearch@5BenRiccioAssociateAnalyst,EmergingTechnologyben.riccio@6pbinstitutionalresearch@7DataInnovationspotlightsAgriculturedronesGeneediting252630333436MatthewNacionalesSeniorDataAnalystPublishingReportdesignedbyChloeLadwigandJuliaMidkiffSelectcompanyhighlightsArbolPublishedonAugust8,2024MonarchTractorWhatelsewouldyouliketoseeinthisreport?Sendyourideastoalex.frederick@.Welookforwardtohearingfromyou.Q22024AgtechReportCONFIDENTIAL.NOTFORREDISTRIBUTION.PG2Q22024timelineQ2VCdealactivitysummary147totaldeals-26.1%April24May14June24QoQgrowthGeospatialAIplatformSpaceSense

isacquiredbyxFarmTechnologies

foranundisclosedsum.FreshDelMonteProduce

announcesapartnershipwithVellsamMateriasBioactivAS

todevelopbiofertilizersusingpineappleresidues.SeeddeveloperHuachengSeeds

isacquiredbyZhongnongfaSeedIndustryGroupCompany

for$3.4million.$1.1BtotalVCraised1-6.0%QoQgrowthTTMVCdealactivitysummary789April30June14June24totaldealsClimateriskassessment&insuranceplatformArbol

raisesa$60.0millionSeriesBata$245.0millionpre-moneyvaluation.PlantgeneengineeringcompanyInnerPlant

raises$34.5millioninSeriesBfundingata$98.8millionpre-moneyvaluation.DenmarkannouncesthefirstcarbontaxonagricultureinEurope.2-32.5%YoYgrowth$6.1BtotalVCraised-37.

3%YoYgrowth1:“FreshDelMonteAnnouncesPartnershiptoProduceBiofertilizersFromFruitResidues,LaunchingInnovativePlantinKenya,”Yahoo!Finance,BusinessWire,May14,2024.2:“TheGovernmentandthePartiesintheGreenTripartiteEnterIntotheHistoricAgreementonaGreenDenmark”(Googletranslation),Regeringen,MinistryofEconomy,June24,2024.Q22024AgtechReportCONFIDENTIAL.NOTFORREDISTRIBUTION.PG4A

g

techlandscapeAgbiotechAgrifinance&e-commerceIndoorfarmingAnimalagPrecisionagQ22024AgtechReportVCactivityAgtechVCactivitycontinuedtobemutedinQ22024.Welogged$1.1billioninvestedacross147deals.Dealvalueswereroughlyonparwiththepriorquarter.However,dealcountscontinuedthesteadyslidedownward.Annually,dealvaluesandcountsareprojectedtoend2024down42.4%and30.7%,respectively,comparedwiththeprioryear.servicesforavarietyofusertypesandusecases,includingforestinventorymanagementfordecarbonizationandforestpreservation.Robotics&smartfieldequipmentraised$115.5millionacross19deals.Dealcounthasremainedflatinthissubsegmentoverthepastfivequarters.StartupEcozen

raised$30.0millioninlate-stageVCfunding.Thecompanymakesagtechhardwareforsmallholderfarmersinemergingmarkets,includingasolar-poweredirrigationpumpcontrollerandasolarcold-storageroom.Despitesluggishactivitywithinthevertical,foursubsegmentswereofparticularinteresttoinvestorsinQ2.Agfinance&insurancecompaniesraised$104.5millionacrossninedeals,up49.6%and12.5%,respectively.Arbol,developerofaclimateriskassessment&insuranceplatform,raisedthebulkofcapitalwitha$60.0millionSeriesBata$245.0millionpre-moneyvaluation.Acrossagtechsubsegments,valuationshavebifurcatedbystage.Pre-moneyvaluationsattheearlyandventure-growthstagesdeclined15.5%and69.4%,respectively,from2023.However,pre-seedandlate-stagepre-moneyvaluationsincreased45.8%and62.9%overthesametimeframe.Overall,themedianagtechVCpre-moneyvaluationtotaled$12.8millionattheendofQ2,down14.0%from2023.Thisdeclinealignswithreportsofamarketcorrectioninvaluations,accompaniedbyincreasedflatanddownrounds.Companiesinlivestock&landanimaltechnologyraisedacumulative$29.1millionacross12dealsinQ2,essentiallyonparwiththepriorquarter.Ofthistotal,AgriWebb

raised$11.0millioninlate-stageVCfunding.Thecompanydevelopslivestockmanagementsoftwareforranchmapping,inventorymanagement,andtaskmanagement.Drones&imageryanalyticsraised$96.3millionacross10dealsinQ2.StartupSynspective

raised$44.6millioninSeriesCfunding.ThecompanyprovidessatellitedataandremotemonitoringQ22024AgtechReportCONFIDENTIAL.NOTFORREDISTRIBUTION.PG7VCACTIVITYKeyagtechlate-stageVCdealsinQ22024*CompanyClosedateSubsegmentStageDealvalue($M)Post-moneyvaluation($M)Leadinvestor(s)OishiiJune4April30May13GrowersSeriesBSeriesBSeriesB$144.0$60.0$53.4$544.0$305.0$166.7NipponTelegraph&TelephoneArbolFinance&insuranceAgribusinessmarketplacesGiantVentures,OperaTechVenturesHVCapitalAgreenaJapanGrowthCapitalInvestmentCorporationSynspectiveJune20Drones&imageryanalyticsSeriesC$44.6N/AMicropepTechnologiesInnerPlantEcozenJune1PlantbiotechSeriesB$37.9$34.5$30.0$27.0$27.0$25.9N/AN/AJune14April19June25May30May23Plantdata&analysisSeriesB$133.3N/AN/ARobotics&smartfieldequipmentDrones&imageryanalyticsAgribusinessmarketplacesAnimalbiotechLate-stageVCSeriesBNuveenLiveEON/ADeepTech&ClimateFonds,NordicNinjaVCN/ANihonAgriEniferSeriesC$91.3N/ASeriesBTaaleriBioindustrySource:PitchBook?Geography:Global?*AsofJune30,2024Q22024AgtechReportCONFIDENTIAL.NOTFORREDISTRIBUTION.PG14VCACTIVITYKeyagtechVCexitsinH12024*Post-moneyvaluation($M)CompanyClosedateSubsegmentExitvalue($M)ExittypeAcquirerHuachengSeedsSmallholdJune24AgribusinessmarketplacesGrowers$3.4N/AAcquisitionAcquisition$9.8N/AZhongnongfaSeedIndustryGroupCompanyMonomythGroupFebruary7Livestock&landanimaltechnologyCattleEyeMarch13N/AAcquisitionN/AGEAGroupSpaceSenseAdeAgroApril24June11Drones&imageryanalyticsFinance&insuranceN/AN/AAcquisitionAcquisitionN/AN/AxFarmTechnologiesSette.agLivestock&landanimaltechnologyBRIMarch5N/AAcquisitionN/ANovusInternationalScanopyMay13Drones&imageryanalyticsGrowersN/AN/AN/AN/AAcquisitionAcquisitionBuyoutN/AN/AN/AN/AAbelioYASAIJune18January25May6GreenStateScoutBioOrbitalInsightAnimalbiotechCevaSanteAnimaleDrones&imageryanalyticsAcquisitionPrivateerSource:PitchBook?Geography:Global?*AsofJune30,2024Q22024AgtechReportCONFIDENTIAL.NOTFORREDISTRIBUTION.PG16SELECTCOMPANYHIGHLIGHTS:MONARCHTRACTORKeycompanyinformationFoundedTotalraisedLastfinancing2018$281.5Moverfivedeals(includingdebt)$518.0Mpost-moneyvaluationasofJuly2024OverviewEmployeesLastdisclosedfinancing296Raised$133.0MinSeriesCfundingMonarchTractor

isanagricultureroboticscompanyincreasingefficiencyandsustainabilityinfarmoperationsbyprovidingautonomoustractorsandmanagementsoftware.Thecompanylauncheditsfullyelectrictractor,theMK-V,in2022,andhassincedeliveredover400vehiclestocustomersacross12statesandthreecountries.ThevehicleisdriveroptionalandcanbeprogrammedandtrackedthroughMonarch’sfieldmanagementsoftware,WingspanAI.Thesoftwarealsomanagesalldatacollectedbythetractortoprovideacentralizedplatformforfarmdataandfleetcontrol.Byincreasingefficiencyandeliminatingfuelcosts,Monarch

hopestoimprovecustomers’profitabilityacrossvariousagriculturemarkets.InJuly,thecompanysecured$133.0millioninSeriesCfundingtoincreasetractorproductionandexpanditsdigitalsolutions.HQlocationLivermore,USFirstdisclosedinstitutionalroundRaised$20.0MinSeriesAfundingLeadinvestorsAstanorVentures,CTBCVentureCapitalExitPredictorLeadershipMonarch

isledbyitsfourco-founders.CEOPraveenPenmetsabringsover20yearsofengineeringexperience,alongwithstartupleadershipexperiencethroughpreviousboardseatsatearly-stageVCcompanies.BothPresidentMarkSchwagerandChiefTechnologyOfficerZacharyOmohundrohaveextensiveengineeringandsupply-chainbackgrounds.Co-founderandChiefFarmingOfficerCarloMondavibringsstrongagriculturalexperienceandadeepunderstandingofregenerativefarmingpracticesasafourth-generationwinegrower.Withagricultureandengineeringexperience,Monarch’sleadershipteamispoisedtocreateinnovativeproductsthataddresstheneedsoffarmers.

IPO:63%probability

M&A:17%probability

Noexit:20%probabilitySuccess:80%probabilityNote:ProbabilitydataisbasedonPitchBookVCExitPredictormethodology.Q22024AgtechReportSELECTCOMPANYHIGHLIGHTS:MONARCHTRACTORCompetitorscompetewithMonarch’stractors.Oxin

isdevelopinganautonomoustractor-typemachineforvineyardsandorchardsthatperformsmanyconventionaltasksincludingtowing,spraying,skirting,andtrimming.Similarly,vineyardrobotVitiBot

isanelectric,autonomousvineyardstraddlerobotcapableofmechanicalweeding,mowing,spraying,andmore.Na?oTechnologiesproducesafleetofsmaller,fullyautonomousfarmingequipmentcapableofcompletingbasicfarmingtasks.WhilethesemachinesaremorespecializedthanconventionaltractorsandcannotbemanuallycontrolledlikeMonarch’sproduct,theyoffersimilarsolutionsforasubsetoffarmslookingtoautomateworkflows.Tractormanufacturershavebeenslowtodevelopelectricandautomatedmodelscomparedwithotherindustries,leadingtofewmarketcompetitorsforMonarch.NewHolland,ownedbyCNHIndustrial,releasedanautonomouselectrictractorin2022andrecentlypartneredwithBluewhitetobringadditionalautonomoustechtotractors.Otherlargemanufacturers,suchasJohnDeereandMasseyFerguson,arestilldevelopingelectrictractorofferings.WhilefewVC-backedcompaniesaredirectcompetitors,emergingautonomousfarmingequipmentcouldpotentiallyFinancinghistorySeriesASeriesBSeriesCMarch16,2021November15,2021July22,2024TotalraisedTotalraisedTotalraised$20.0M$61.0M$133.0MPre-moneyvaluationPre-moneyvaluationPre-moneyvaluation$40.0M$210.0M$385.0MLeadinvestorMusashiSeimitsuIndustryCompanyLeadinvestorAstanorVenturesLeadinvestorsAstanorVentures,CTBCVentureCapitalPitchBookData,Inc.NizarTarhuniExecutiveVicePresidentofResearchandMarketIntelligencePaulCondraHeadofEmergingTechnologyResearchAboutPitchBookAdditionalresearchEricBellomoeric.bellomo@GamingE-CommerceDerekHernandezderek.hernandez@EnterpriseSaaSIndustryandTechnologyInfrastructureSaaSResearchBrendanBurkebrendan.burke@DataAnalyticsInformationSecurityArtificialIntelligence&MachineLearningAliJavaheriali.javaheri@EmergingSpacesRobertLeIndependent,objective,andtimelymarketintelrobert.le@InsurtechAaronDeGagneaaron.degagne@MedtechCryptoAstheprivatemarketscontinuetogrowincomplexityandcompetition,it’sessentialforinvestorstounderstandtheindustries,sectors,andcompaniesdrivingtheassetclass.JohnMacDonaghDigitalHealthjohn.macdonagh@Carbon&EmissionsTechCleanEnergyTechOurIndustryandTechnologyResearch