Stenon’s Stocking Stuffed with $20M
Santa was good to Potsdam-based AgTech company Stenon this year: its stockings were stuffed with $20M in its Series A funding round.
It couldn’t have been pulled off without some help from his elves, with the Founders Fund and The Production Board leading the round. Existing investors Cherry Ventures and Atlantic Labs felt the Christmas cheer and gave this round, too.
Founded in 2018, Stenon is the global leader in digital, real-time, laboratory-independent soil data. Farmers use the data from Stenon’s soil management technology to make optimal and sustainable cropping decisions to increase yield, boost crop quality, and improve soil health, all while saving money on inputs.
Too legit: It’s also externally certified for data accuracy from the leading European farmers’ association.
Soundbite: “Stenon’s mission is to become the soil data company in agriculture and get rid of the need for physical laboratories. Without soil data being available at scale, farmers will neither be able to work sustainably [nor] profitably in the future. Additionally, the market is dynamically moving into the direction of regenerative ag or autonomous farming—all of these practices will require the data set that we are providing,” said Co-Founder and CEO, Dominic Roth.
What lies ahead: While you won’t find Stenon’s technology at the North Pole, it’s patented, certified, and live in 20 countries. With the bump in funding, they hope to develop new features and services, plus establish a foothold in new markets.