San Francisco-based Trace Genomics is a company that has developed artificial intelligence enabled diagnostic tools to help farmers increase yields and reduce their costs. This week, Trace Genomics has raised $13 million in Series A funding. Stage 1 Ventures led this round of funding. Viking Global Investors, AgFunder, and several others also participated in this round.
Trace Genomics is also known for launching the first scalable soil microbiome test to enable early predictions of soil diseases, the health of soil, and the quality of crops. Within every tablespoon of soil, there are billions of microorganisms. And the microorganisms interact with plant roots, which plays a role in providing them with nutrients. However, these microorganisms can also cause plant disease impacting the quality and production of food.
“We’ve spent our careers working on genomics technology, watching it transform human health in a very significant way. We’re passionate about bringing that power to every farmer, using genomics and big data to help them make smarter decisions and materially change our approach to food production,” said Trace Genomics’ CEO and co-founder Diane Wu, PhD.
Trace Genomics is able to use high-throughput DNA sequencing, artificial intelligence, and a database of unknowable microbial species living in agricultural soils to identify and profile soil microbiomes. And by understanding how soil microbes affect crop production, Trace Genomics had designed the first microbiome tests for delivering actionable insights to growers. With these insights, farmers will be able to achieve more efficient nutrient use, reduce input costs, and reduce crop disease risks.
“People have been looking for ways to tackle global food security – and it’s right there, under their feet,” added Trace Genomics’ President and co-founder Poornima Parameswaran, PhD. “Measuring the soil biome is the critical first step in optimizing the natural functions present in our soils today, so we can be more precise and economical in choosing seed, nutrients and other inputs. Our ability to sustainably utilize our soils today will put us on track to meeting our growing food demands sustainably.”
Dr. Wu and Dr. Parameswaran met as graduate students in Nobel Laureate Andrew Fire’s lab at Stanford University. And their similar backgrounds span across genomics, data science, immunology, microbiology, and infectious diseases.
“Trace Genomics has developed a highly scalable software and analytics platform to quantify soil productivity and offer actionable insights never before captured. It has the opportunity to transform how we measure sustainable and regenerative farm management practices,” explained Stage 1 Ventures Operating Partner Joseph Pianelli. “The founding team has demonstrated a passion for microbiome science and a determination to deliver value to the market.”
After one year of commercially-available diagnostic tools, Trace Genomics is helping growers of more than 70 high-value fruits and vegetables make crucial planting decisions and soil samples have been tested in more than 150,000 acres.
Trace Genomics is going to expand to corn and soybean next year, which could potentially have an impact of over 170 million acres in the US alone. And the company will have the ability to process more than a thousand soil samples a week across multiple soil types and geographies.
Trace Genomics has raised a total of more than $19 million so far. And some of the company’s previous investors include Fall Line Capital and Refactor Capital.
