PitchBook-2023年四季度Agtech报告（英）-2024.1

EMERGING

TECH

RESEARCHAg

tech

Repor

tVC

trends

andemergingopportunitiesQ4REPORTPREVIEWThefull

reportisavailable

throughthePitchBookPlatform.2023ContentsVertical

update3Institutional

Research

GroupAnalysisQ42023

timelineAgtechlandscapeAgtechVC

ecosystem

market

mapVC

activity5AlexFrederick

SeniorAnalyst,EmergingTechnology6alex.frederick@7pbinstitutionalresearch@8DataTJ

MeiDataAnalystEmergingopportunitiesDigital

twins2627293032PublishingSelectcompany

highlightsAphea.BioReportdesignedby

ChloeLadwig&JuliaMidkiffPublishedonJanuary26,2024HalterForpreviousupdatesaswellasourcompleteagtechresearch,pleaseseethedesignatedanalyst

workspaceonthePitchBookPlatform.Whatelsewouldyou

liketoseeinthisreport?Sendyourideasto

alex.frederick@.We

lookforwardto

hearingfromyou.Q4

2023

Agtech

ReportCONFIDENTIAL.

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REDISTRIBUTION.

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22A

g

techlandscape451Ag

biotechAgrifinance&e-commerce23Indoorfarming14Animalag5Precisionag3Q4

2023

Agtech

ReportVC

activ

it

yTheagtechecosystemexperiencedadeclineinVC

dealvalueandcountinQ4,

totaling$1.4billionacross181deals.Thesedeclines,-34.7%and-17.4%

QoQ,respectively,wereareversionto

atrendthatwasbuckedinQ3

whenwe

loggeda24%

increaseindealvalue.Intotal,thequarterlydealactivitydeclinesin2023have

addedupto

nearlya40%

reductionindealvaluesanddealcountsYoY.

We

logged$7.1

billioninvestedacross952dealsin2023,down39.5%and39.2%YoY,

respectively.AgtechVC

dealactivityby

quarter$5.0$4.5$4.0$3.5$3.0$2.5$2.0$1.5$1.0$0.56005004003002001000Despitedismalventureactivity,therewerenotabledealsto

behad.FBN

closeda$154.9millionlate-stageVC

roundintheformof

aconvertiblenote.FBN

hasevolvedsignificantlyfromitsfoundingasafarmer-to-farmersharingnetworkto

acomprehensiveplatformofferinganinputmarketplace,marketingsupport,insuranceprograms,andcreditto

farmers.Itwasanearlyadopterof

GenAItoolsandrecentlypartneredwithADM

to

enrollfarmersinitsregenerativeagprogram.IndoorfarmoperatorBowery

raisedthesecondlargestdealof

thequarterwitha$93.8millionSeriesD.

Thedealvaluedthecompanyat$941.8millionpost-money,

aconsiderabledownroundfromitsSeriesC1

in2021thatvaluedthecompanyat$2.3billion.Indooragcompanieshavefacedsignificantheadwindsoverthepasttwoyears,includinghighstartupcosts,risingenergycosts,anddwindlinginvestorsupport.Althoughstrugglesarelikelyto

continueinthenearterm,inthelongtermwe

expectbusinessmodelsandtechnologyto

continueto

evolve

andinvestorsto

becomeincreasinglysavvy

to

thecomplexities,challenges,andopportunitiesof

theindoorfarmingindustry.$0.0Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q420182019202020212022Dealcount2023*Dealvalue($B)Source:PitchBook

•

Geography:Global

•

*As

ofDecember31,2023CONFIDENTIAL.

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8Q4

2023

Agtech

ReportVC

ACTIVITYKey

agtechpre-seed/seedVC

dealsin

Q42023*CompanyClose

dateSubsegmentStageDeal

value

($M)Post-money

valuation

($M)Lead

investBonsaiOctober2Robotics&smartfield

equipmentPlant

biotechSeed$13.5$7.1N/AN/AN/AN/A$9.2N/A$17.1N/AN/A$4.2Acre

Venture

PartnersBioomixOctober30October1Early-stageVCSeedWest

Hill

CapitalInPlanetPlant

biotech$5.0$4.3$4.2$3.5$3.0$2.9$2.3$2.2Foodlabs,SalviaCroptideDecember15December21December13November1October30October18December14FieldIoTSeedN/AVVF

AgTechTractionAgribusinessmarketplacesFarm

managementsoftwareFieldIoTSeedN/ASeedN/ASoiltech

WirelessPES

TechnologiesOsiris

AgricultureInalveSeedN/AFieldIoTSeedTSPVenturesN/ARobotics&smartfield

equipmentAnimal

biotechSeedSeedN/ASource:PitchBook

•

Geography:Global

•

*As

ofDecember31,2023Q4

2023

Agtech

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14VC

ACTIVITYKey

agtechVC

exits

in

Q42023*CompanyClose

dateSubsegmentExit

value

($M)Exit

typeAcquirer(s)/indexShiyue

DaotianClearpath

RoboticsITKOctober10October2Plant

biotech$2,048.2$454.5$47.5N/APublic

listingAcquisitionAcquisitionAcquisitionAcquisitionAcquisitionAcquisitionBuyoutHongKong

Stock

ExchangeRockwellAutomationInnovalRobotics&smartfieldequipmentFarm

managementsoftwareAnimal

biotechOctober31October11Clinical

MicrobiomicsQualySenseCosmosIDDecember1December4December16November29October18December6December18Robotics&smartfieldequipmentPlant

biotechN/AFerrumPeptyde

BioN/AInvaioBarrixPlant

biotechN/ASumitomo

ChemicalIndiaArcfield,Veritas

CapitalGroupeChevrillon,MyriumOrion

Space

SolutionsMerci

RaymondDekon

FarmingAme

Kaze

TaiyoDrones&imageryanalyticsIndoorfarmingsystemsLivestock

&landanimal

technologyAgribusinessmarketplacesN/AN/ABuyoutGuiyangAgriculturalInvestmentGroup,Xiushan

Huayu

LogisticsInvestmentN/APublic

listingPublic

listingN/ATokyo

Stock

ExchangeSource:PitchBook

•

Geography:Global

•

*As

ofDecember31,2023Q4

2023

Agtech

ReportCONFIDENTIAL.

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18SELECT

COMPANY

HIGHLIGHTS:

HALTERKey

company

informationFoundedTotal

raisedLast

financing2016$103.4MoverfourdealsRaised$50.0MinSeriesCfundingata$235.0Mpre-moneyvaluation(March2023)OverviewHalter

isfocusedonprecisionlivestockfarmingto

improveefficiency,sustainability,andanimalwelfare.Thecompanywasfoundedwithavisionto

revolutionizetheway

beefanddairyfarmingisconducted,leveragingcutting-edgetechnologiesto

transformtraditionalpractices.Employees160+First

institutional

roundRaised$5.4MofSeriesAfundingata$21.0Mpre-moneyvaluation(July2018)Lead

investor(s)BatteryVentures

andBessemerVenture

PartnersHalter’s

flagshipofferingisauniquecollarsystemequippedwithadvancedtechnologiesdesignedto

providefarmerswithunprecedentedcontrolandinsightsinto

theirlivestock.Thecollar,

wornby

eachanimal,isequippedwithGPS,

motionsensors,andaudiocues,allowingforvirtualfencingandtheremoteandautomatedmanagementof

cattle.ExitPredictorLeadershipHalter’s

leadershipteamisstrategicallycomposedof

youngprofessionalswithdiverseexpertise,drivingthecompany’ssuccessinlivestockmanagementtechnology.Itisledby

CEO

CraigPiggott,whofoundedthecompanyafterspendingninemonthsgettingatasteforstartuplifeat

RocketLab—hisfirstroleupongraduationfromuniversity.WorkingalongsidePiggott,ChiefOperatingOfficerMarkMacLeod-SmithleverageshisexperienceinleadershiprolesatstartupacceleratorsincludingTheIceHouse,Lightning

Labs,andFlux

Accelerator.

IPO:

30%probability

M&A:

65%probability

No

exit:

5%probabilitySuccess:

95%probabilityNote:Probability

data

basedonPitchBookVC

ExitPredictor

methodology.Q4

2023

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32SELECT

COMPANY

HIGHLIGHTS:

HALTERCompetitorsHalter

operatesinasmallbutcompetitivelandscape,contendingwithothervirtualfencingandlivestockcollarcompaniesthatemployadvancedtechnologiesto

monitorandmanagecattle.Oneof

thelargestcompetitorsVence

usesasolar-poweredbasestationandsmartcollarsto

monitorherdlocation.Thecompanybecameanoperatingsubsidiaryof

Merck

Animal

Health

afterbeingacquiredinSeptember2022.RivalNofence

alsoemploysasmartcollar.

Itusesaudiocuesto

keepherdswithinvirtualpaddocks.Amobileappallowsranchersto

monitorherdsandcreate,edit,andremovepastures.Otherkey

providersincludeIxorigue

andCowlar.FinancinghistorySeriesASeriesBSeriesBSeriesCJuly

2,

2018April

23,

2021December

3,

2021March

29,

2023Total

raisedTotal

raisedTotal

raisedTotal

raised$5.4M$23.0M$25.0M$50.0MPre-money

valuationPre-money

valuationPre-money

valuationPre-money

valuation$21.0M$60.0M$144.0M$235.0MInvestor(s)PromusVenturesInvestor(s)BlackbirdVenturesInvestor(s)Investor(s)BatteryVenturesandBessemerVenturePartnersN/AQ4

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33PitchBook

Data,Inc.John

Gabbert

Founder,CEONizarTarhuni

VicePresident,InstitutionalResearchaPaulCondraHeadofEmergingTechnologyResearchAbout

PitchBookAdditional

researchEricBellomoeric.bellomo@GamingE-CommerceDerekHernandezderek.hernandez@EnterpriseSaaIndustr

y

and

Technolog

yInfrastructureResearchBrendanBurkebrendan.burke@InternetofThingsInformationSecurityArtificialIntelligence&MachineLearningAliJavaheriali.javaheri@EmergingSpacRobertLeIndependent,objective,

andtimely

market

intelrobert.le@InsurtechAaronDeGagneaaron.degagne@MedtechCryptoAs

theprivatemarketscontinueto

growincomplexityandcompetition,it’sessentialforinvestorsto

understandtheindustries,sectorsandcompaniesdrivingtheassetclass.JohnMacDonaghDigitalHealthjohn.macdonagh@Carbon&EmisOurIndustryandTechnologyResearchprovidesdetailedanalysisofnascenttechsectorssoyoucanbetternavigatethechangingmarketsyouoperatein—andpursuenewopportunitieswithconfidence.AlexFrederic