Saskatchewan ag tech startup closes $4M in funding
November 30, 2022 By Top Crop Manager
Regina-based Ground Truth Agriculture has closed its seed funding round with $4 million to develop technology that will provide producers with lab-quality grain analysis directly off of their combines in real time.
Ground Truth CEO Kyle Folk comes from a farming family, and said in a statement that during harvest, he would often think about the effort that went into optimizing the farm’s yield. “We would send a grain sample to a lab with a volume equivalent to what comes off a four foot square piece of land to judge the quality of a harvested area of at least 75 football fields. Where is the precision in that?”
The funding round was led by Conexus Venture Capital Inc. and includes $2-million from its agtech-focused Emmertech fund. Additional investors include: SaskWorks Venture Fund Inc., Tall Grass Ventures, Golden Opportunities Fund Inc., WTC Investments LP, private investors and new commitments from existing shareholders.
Ground Truth began operations in early 2022 and includes 15 employees. It has a current prototype which is operating on Folk’s family farm in Holdfast, Sask.
“My dad was an amazing supporter when I built my first agtech firm over a decade ago and was the first farmer to install its monitors on his grain bins,” said Folk. “With this being his last harvest before retiring, it meant so much to me to see our prototype on his combines for my family’s final harvest.”