PitchBook-2023年二季度Agtech报告（英）

EMERGING

TECH

RESEARCHAg

tech

Repor

tVC

trendsandemergingopportunitiesQ2REPORTPREVIEWThefull

reportisavailable

throughthePitchBookPlatform.20232023ContentsVertical

update3Institutional

Research

GroupAnalysisQ22023timelineAgtechlandscapeAgtechVC

ecosystemmarketmapVC

activity5AlexFrederick

SeniorAnalyst,EmergingTechnology6alex.frederick@7pbinstitutionalresearch@9DataTJ

MeiDataAnalystEmergingopportunitiesAgworkforcemanagementFarm

machineryretrofitBiofertilizers26273033363739PublishingReportdesignedby

JuliaMidkiffPublishedonAugust15,2023SelectcompanyhighlightseFisheryForpreviousupdatesaswellasourcompleteagtechInvetxresearch,pleaseseethedesignatedanalyst

workspaceonthePitchBookPlatform.Whatelsewouldyouliketoseeinthisreport?Sendyourideasto

alex.frederick@.We

lookforwardto

hearingfromyou.We

areaddingPitchBookExit

Predictorprobabilitiesto

ourEmergingTechnologyResearchreports.PitchBook’sproprietary

VC

ExitPredictor

estimatestheprobabilitythatastartup,or

VC-backedcompany,willsuccessfullyIPO,be

acquired,or

merge.

The

toolisavailableexclusivelyto

PitchBooksubscribers.CONFIDENTIAL.

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FOR

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PG

2Q2

2023

timelineQ2

VC

dealco210total

deals3.4%April

4June

8June

21AnimalnutritionproviderOcean

Harvest

raises£6millioninitsIPOontheLondonStockExchange.AeroFarms

filesforDripirrigationtechproviderN-Dripraisesa$44.0

millionSeriesCledby

theLiechtenstein

Group.QoQgrowthChapter11bankruptcyprotection—thelatestexampleoffinancialstrugglesintheindoor$1.8Btotal

VC

raisedfarmingsector.3-8.7%QoQgrowthTTMsu986May

25June

10June

29total

dealsInsectfarmingcompanyYnsect

raisesa$175.0millionSeriesDfunding.EnvironmentalgroupssuetheUSEPA

overenvironmentaldamagecausedby

pesticide-coatedseedsandlackofregulation.IndustrialdroneproviderDhaksha

UnmannedSystems

isacquiredbyCoromandel

Technologyfor$24.8million.-23.9%YoY

growth4$9.2Btotal

VC

raised-31.4%YoY

growth3:

“AeroFarms

Announces

Recapitalization

Process

to

Concentrate

Activities

on

its

Danville

Farm

and

its

Highly

Popular

Microgreens

Products,”

AeroFarms,

June

8,

2023.4:

“EPA

Sued

Over

Pesticide-Coated

Seeds’

‘Devastating

Impacts’

on

US

Wildlife,”

The

Guardian,

Tom

Perkins,

June

10,

2023.Q22023

Agtech

ReportCONFIDENTIAL.

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52A

g

techlandscape451Ag

biotechAgrifinance&e-commerce23Indoorfarming14Animalag5Precisionag3Q22023

Agtech

ReportVC

activ

it

yAgtechVC

dealactivityby

quarterInQ2

2023,we

recorded210agtechdealswithatotalvalueof

$1.8

billion.Whiletherewasaslightincreaseinthecountcomparedwiththepreviousquarter,thedealvaluesslightlydecreased,indicatingapotentialplateauindealactivity.Thefundingenvironmentforagtechcontinuedtobechallenging,exacerbatedby

elevatedinterestrates.Despitethis,notabledealswereclosed,includinginsectgrowerYnsect’s

$175.0millionSeriesDroundandfarmmanagementplatformAIS’$117.0

millionlate-stageVC

round.$5$4$3$2$1$04003002001000Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2201820192020202120222023*Dealvalue($B)Dealcount2023agtech’smedianpre-moneyvaluationis$17.0

million.Thisrepresentsasignificantriseof33.1%YoY,

whichcontrastswithourpreviouspredictionsof

adeclinedueto

marketvolatility.Thetrendcanbeattributedto

acombinationof

factors,includingaslowdownindealactivityandanemphasisonquality.GPsarenowdedicatingmoretimeto

duediligenceanddealevaluation,resultinginlongerclosingtimesfordeals.Theonesthatarebeingclosedprioritizeexistingportfoliocompaniesorthosewithlowerriskandhigherquality.Source:PitchBook

•

Geography:Global

•

*As

ofJune30,2023AgtechVC

dealactivityExitactivityhasexperiencedadeclineoverthepastyearandthistrendcontinuedinto

Q2.

Only13exitswererecorded,withminimaldealvaluedueto

undisclosedM&A

activity.TheIPOmarkethasbeenlargelyclosed,however,

we

observedtwocompaniesnavigateto

thepublicmarketsinQ2.

AnimalnutritionproviderOcean

Harvest

registeredanIPO,raising£6

millionwithitsdebutontheLondonStockExchange;andplantbiotechcompanyCibus

debutedonNasdaqviaareversemergerwithCalyxt.M&A

opportunitieshave

beenlimiteddueto

risinginterestrates.NotableacquisitionsinQ2

includedroneproviderDhakshaUnmanned

Systems

by

Coromandel

Technologyfor$24.8million,andimageryanalyticsproviderPlantix

by

Helm

foranundisclosedamount.ItisanticipatedthatexitactivitywillremainsubdueduntilinterestratesdecreaseandtheIPOmarketreopens.1,2001,254913851783599515417413$3.7199$0.8314$1.1$2.2$1.6$3.5$4.22018$5.22019$7.9$12.82021$11.820222013201420152016201720202023*Dealvalue($B)DealcountSource:PitchBook

•

Geography:Global

•

*As

ofJune30,2023CONFIDENTIAL.

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9Q22023

Agtech

ReportVC

ACTIVITYKey

agtechearly-stageVC

deals*CompanyClose

date

(2023)SubsegmentStageDeal

value

($M)Lead

investor(s)VaPixxelMay

11June7May

23May

15April

19April

18April

6May

17May

2Drones&imageryanalyticsIndoorgrowersSeriesB$29.5$27.0$18.4$14.7$12.0$10.5$7.0Alphabet1.6xN/AN/AN/AN/AN/A1.0x4.4x45.1xN/ASource.agSeriesAAcre

Venture

Partners,AstanorVenturesWaterplanInevitableDrones&imageryanalyticsFarm

managementsoftwareAnimal

biotechSeriesABase10

Partners,Giant

Ventures,

Transition

GlobalSeriesAN/AEniferBioSeriesAAqua-SparkArcherDaniels

MidlandMirovaHarpe

Bio

HerbicideCarbonwaveTOWINGPlant

biotechEarly-stageVCSeriesA1SeriesAPlant

biotechIndoorfarmingcomponentsPlant

biotech$6.2N/ABNPParibasDéveloppement,CapHornInvest,Capagro,SWENCapitalPartners,UIInvestissementAgriodorEarly-stageVCSeriesA$5.5Haber

TechnologiesApril

4Robotics&smartfieldequipment$5.4N/ASource:PitchBook

•

Geography:Global

•

*As

ofJune30,2023CONFIDENTIAL.

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15Q22023

Agtech

ReportVC

ACTIVITYKey

agtechlate-stageVC

deals*CompanyClose

date

(2023)SubsegmentStageDeal

value

($M)Lead

investor(s)VAISJune30June8May

4Farm

managementsoftwareAgribusinessmarketplacesAquacultureLate-stageVCSeriesC$117.0$100.0$58.5$52.0$51.4$30.0$22.0$21.7N/AN/AN/AN/AN/AN/A1.7x2.2xN/AN/A2.0xThe

Green

Coffee

CompanyLemnature

AquaFarmsEcoRobotixLegacyGroupInvestmentsN/ALate-stageVCLate-stageVCSeriesBMay

9Robotics&smartfieldequipmentRobotics&smartfieldequipmentDrones&imageryanalyticsFarm

managementsoftwareInsectfarmingAqton,Cibus

FundFall

LineCapital,MiddlelandCapitalCarbonStreamingFourRiversGroupN/AFarmWiseMay

11May

16April

13June26June27June20Mast

ReforestationClimateAISeriesBSeriesBNutrition

TechnologiesStacked

FarmLate-stageVCLate-stageVCSeriesAIndoorgrowers$21.4$20.0Tayside

InvestmentsAustraliaFall

LineCapitalGuardian

AgricultureDrones&imageryanalyticsSource:PitchBook

•

Geography:Global

•

*As

ofJune30,2023Q22023

Agtech

ReportCONFIDENTIAL.

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PG

16SELECT

COMPANY

HIGHLIGHTS:

EFISHERYOvervieweFishery

isatechnologycompanythatprovidesintegratedfeedingsolutionsforfishandshrimpfarming.Thecompanywasfoundedwiththeaimto

revolutionizetheaquacultureindustrybyprovidingsmart,data-driven,automatedfeedingsolutions.Theirflagshipproductisasmartautomaticfeederthatcanfeedfishandshrimpautomatically,adaptthefeedingschedulebasedontheanimal’sappetite,andconnectfarmersto

thecloudthroughtheIoT

technology.Thishelpsfarmersmonitorandschedulefeedingtimes,whichcanincreaseproductivity,reducewaste,andimproveprofitability.FoundedHQlocationFirst

disclosed2013Bandung,Indonesiainstitutionalround$4.0MinaSeriesAround(November2018)LeadershipeFishery’s

leadershipteamiscomprisedof

key

individualswhohave

madesignificantcontributionsto

thecompany’ssuccess.TheCEO

andco-founder,GibranHuzaifah,isanentrepreneurwitharichbackgroundintheaquacultureindustry.Hisinnovativevisionanddeepunderstandingof

thesectorhave

playedapivotalroleinguidingthecompany’sstrategicdirectionandgrowth.ChrisnaAditya,ChiefInternalOperationsOfficerandco-founder,bringsvaluableexpertiseintechnologyandsystemsdesign.Hisskillshave

beeninstrumentalincraftingeFishery’s

uniquesmartfeedingtechnology,positioningthecompanyasakey

playerinthefusionof

technologyandaquaculture.Employees2,000+Total

raised$493.5Mover

sixdealsLastdisclosedfinancingRaised$195.7MofSeriesDfundingQ22023

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37SELECT

COMPANY

HIGHLIGHTS:

EFISHERYCompetitorstransformativesolutionsto

aquaculture,underscoringthesector’sincreasingrelianceondata-drivendecision-making.Umitron,whichprovidestechnologysolutionssuchasIoT

andAIforaquaculture,isalsoaformidableplayerinthemarket.Thedynamicnatureof

theindustryimpliesthatthecompetitivelandscapemaycontinueto

evolve,withnewentrantspossiblydisruptingthemarketwithinnovativesolutions.eFishery

operatesinanicheyet

competitivefieldthatblendsaquacultureandtechnology.OnesignificantcompetitorisAquabyte,acompanythatappliesmachinelearningto

optimizefishfeedinginaquaculture,mirroringeFishery’s

dedicationto

usingadvancedtechinthissector.AnothercompetitorisXpertSea,atechnologyfirmleveragingAIanddataanalyticsto

bringFinancinghistorySeedSeriesASeriesBSeriesCLate-stageVCSeSeptember

8,

2015November

13,

2018September

3,

2020January

10,

2022March

6,

2023May

25,

2023Total

raised:Total

raised:Total

raised:Total

raised:Total

raised:Total

raised:N/A$4.0M$19.8M$90.1M$150.0M$195.7MPre-money

valuation:Pre-money

valuation:Pre-money

valuation:Pre-money

valuation:Pre-money

valuation:Pre-money

valuation:N/A$8.3M$69.5M$317.2MN/A$1,222.7MInvestors:Investors:Investors:Investors:Investors:Investors:N/AN/AArgorCapital,NorthstarPeakXV

Partners,SoftBankInvestmentAdvisers,TemasekHoldingsN/AG42GlobalExpansionFundQ22023

Agtech

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38PitchBook

Data,Inc.John

Gabbert

Founder,CEONizarTarhuni

VicePresident,InstitutionalResearchPaulCondraHeadofEmergingTechnologyResearchAbout

PitchBookAdditional

researchEricBellomoeric.bellomo@GamingE-CommerceDerekHernandezderek.hernandez@EnterpriseSaaIndustr

y

and

Technolog

yAliJavaheriali.javaheri@EmergingSpacResearchBrendanBurkebrendan.burke@InternetofThingsInformationSecurityArtificialIntelligence&MachineLearningRobertLerobert.le@InsurtechIndependent,objective,

andtimely

market

intelCryptoAaronDeGagneaaron.degagne@MedtechAs

theprivatemarketscontinueto

growincomplexityandcompetition,it’sessentialforinvestorsto

understandtheindustries,sectorsandcompaniesdrivingtheassetclass.JohnMacDonaghjohn.macdonagh@