Serra Ventures Raises Over $45M For Ag Tech Fund

Serra Ventures announced on Friday, January 28, that its latest fund, the Serra Capital Ag Tech Fund, has closed over $45 million in funding commitments.

The team at Serra had tremendous support from nearly 100 Limited Partners, many of which are investors in previous Serra funds, as well as several new investors. The Serra Capital Ag Tech Fund is pleased to have the support of corporate and institutional investors, including Busey Bank, AgriFab, Otterbox, Brandt, Mons Investments, and the Illinois Growth and Innovation Fund.

“The Serra team is very encouraged with the great show of support from our core base of limited partners as well as several investors that are new to us,” said Rob Schultz, Managing Partner. “To see the number of institutional investors joining the growing list of Serra limited partners means the world to us. We’re truly grateful.”

The Serra Ventures team has been deeply involved in the Ag Tech category for some time, making its first investments in the space in 2010. The steady increase in quantity and quality of Ag Tech deals in its evaluation pipeline, along with notable exits of other portfolio companies in the space (640 Labs, Label Insight and Agrible), convinced the team to create a standalone fund with the singular focus of agriculture technology and agri-food technology.

The next five to seven years in agriculture will bear witness to perhaps the most significant revolution in the application of technology to the industry’s most serious challenges. The Serra team is reviewing market trends, gathering front-line industry data and considering numerous investment opportunities. Each of these elements is part of constructing the Ag Tech Portfolio in an intentional and thoughtful manner.

“We are seeing exceptional deal flow, as we expected,” commented Dennis Beard, Managing Partner. “In 2021, over $12 billion was invested by venture firms in the ag tech sector, a 137% increase from 2020. This is a great indication of the significant number of high-quality ag tech and agri-food tech companies that are attracting investors.”

Over the course of its initial fund year, Serra made nine portfolio investments:

Barn2Door – Barn2Door is a vertical SaaS platform that helps farmers save time and grow sales by managing inventory online and automating orders across web, social, mobile, and email.

DroneSeed – DroneSeed is paid per acre to plant tree seed vessels after a wildfire -- using heavy-lift drone swarms resulting in the creation of highly-valuable ex-ante carbon credits sold to corporations seeking carbon neutrality.

Earth Optics – Earth Optics uses ground penetrating radar to build a global soil cloud for more sustainable agricultural management, providing revolutionary insights into soil health and management.

Hypercell Technologies – Hypercell believes that the best chance to stop future pandemics in humans is to prevent it by proactivity controlling viruses in production animal reservoirs. Hypercell has developed new tools to control infectious diseases in animals.

iUNU – Connecting plants, facilities, and people through a single interface, iUNU’s product Luna turns commercial greenhouses into precise, predictable, demand-based manufacturers.

Provision Analytics – Provision offers software that uses simple digital forms to automate food safety and advance quality control.

Swarm Engineering – Swarm solves highly-complex, multi-variant food supply chain challenges utilizing SaaS software and open source A.I. algorithms to significantly increase efficiencies and savings.

Veritas Substrates – Veritas Substrates offers proprietary substrates for vertical, indoor and other potted farming methods which results in increased yields and reduced carbon footprint.

Vytelle - Vytelle is developing genetic data and IVF technologies for cattle breeding.

The Serra team is extremely pleased with the current portfolio and will be making additional investments through 2022 and 2023 with the goal of funding at least 25 companies.

Tim Hoerr, CEO and Managing Partner, commented, “Serra has enjoyed a decade of success in venture with a series of multi-sector, early-stage focused funds. As our first sector-specific vehicle, the Serra Capital Ag Tech Fund has resonated profoundly with the investment community. It’s a sector that touches each of our lives every single day. To support the companies that are bringing the most innovative solutions to the most pressing problems in Agriculture and Food is extremely gratifying.”

Daasity Raises $15M Series A

Daasity, a Serra Capital III SBIC company, announced that it has raised $15M in Series A funding, in order to continue developing its approach to helping customer brands better leverage their customer data. Serra participated in the oversubscribed round.

Daasity is the first and only data analytics platform that centralizes a brand’s data into a working data model to easily analyze and push their data to their key marketing channels to get more from their data. Daasity’s platform and all-remote team are trusted by 1,600+ innovative eCommerce brands including Manscaped, Vuori, Kopari, American Giant, and TULA Skincare. Learn how brands do more with data at https://www.daasity.com/.

Provision Analytics Raises $4.75M to Imrove Food SAfety

Provision Analytics, one of the most recent portfolio companies for the Serra Ag Tech Fund, announced on Jan 13 that it has raised $4.75M in its latest funding round. Serra Ventures was a participant in the round. Provision also announced a new partnership with DNV Global.

Provision Analytics has developed a software that uses simple digital forms to automate food safety and advance quality control.

Cardea Bio Announces a Collaboration Agreement With Siemens Healthineers

Cardea Bio, Inc. - the world's only mass producer of biocompatible semiconductors - announced a collaboration agreement with Siemens Healthineers' Center for Innovation in Diagnostics (CID) to assess feasibility of developing real-time biosensor applications using Cardea's BPU™ (Biosignal Processing Unit) Platform.

CEO of Cardea, Michael Heltzen, adds, "We're very humbled and proud that Siemens Healthineers has identified the transformational capabilities that our BPU™ Platform can bring to several areas across their existing and future product portfolios, and we look forward to the opportunity of realizing the potential of our technology together with the impressive team at Siemens Healthineers that has product development and marketing capabilities like few others in the world."

Cardea is a Serra Capital II and Serra Capital II Follow-on-Fund company.

To view the entire article, follow here.

VeriSIMlife Secures $15 Million Series A Funding

VeriSIM Life, the leading artificial intelligence (AI)-enabled, unique R&D decisions de-risker for breakthrough drug development, recently announced it has closed its oversubscribed $15 million Series A round. Serra Ventures participated in the round.

VeriSIM is a Serra Capital III and Serra Capital III SBIC portfolio company. VeriSIM Life has developed a sophisticated computational platform that leverages advanced AI and ML techniques to significantly improve drug discovery and development by greatly reducing the time and money it takes to bring a drug to market.

To view the full article, follow here.

SWARM Engineering Welcomes Two Additional Female Advisory Board Members

SWARM Engineering announced last week it has two additions to its distinguished Advisory Board. Vonnie Estes and Dr. Magarit Khachatryan will join the SWARM Advisory Board to provide key insights and guidance to the Board of Directors, committees of the Board, and the executive leadership.

"We are at a critical inflection point in the acceleration of science and technology, and the way it is being deployed to support agri-food organizations and processes," said Anthony Howcroft, SWARM Founder. "We are witnessing the convergence of scientific disciplines, changing consumer demands, and new forms of data that can dramatically alter the agri-food supply chain, increasing access to fresh food, reducing waste and improving sustainability around the world.  At SWARM, we are pleased to have such an esteemed group of minds on our Advisory Board to envision and shape the future. It is also a delight to add two more female leaders to the Board, as we continue to support diversity in all forms."

SWARM is a Serra Capital III SBIC portfolio company, as well as a Serra Ag Tech Fund portfolio company. SWARM is a Software-as-a-Service platform that uses next generation cognitive computing to tackle challenges in the agri-food supply chain to save costs, reduce waste, and deliver environmental benefits.

To view the full article, follow here.

HerdDogg's New Direct-to-Satellite StarDogg Connects Remote Herds to the HerdDogg Livestock Data Platform

HerdDogg, a Serra Capital III portfolio company and the precision-livestock IoT leader, announced the release of StarDogg, the company’s satellite-connected DoggBone reader. This device addresses the needs of ranchers operating on remote ranchland by providing a direct-to-satellite connection to the Animal Traceability Platform. Designed for ranchland where there is no cellular connection, StarDogg enables ranchers to keep a close eye on the location and wellbeing of their animals, no matter where they are, 24x7.

The HerdDogg system enables animal tracking, welfare monitoring, and traceability via a cloud-based platform and an easy-to-use mobile application. For more information, visit herddogg.com.

Looking to Reignite Your Professional Motivation? Plan a Workcation.

Built In, a Serra Capital III portfolio company, shares interesting insights on the newest trend for invigoration - the “workcation.” It doesn’t take burning through precious PTO in order to experience the world and feel re-inspired. The idea of a workcation is to simply change the scenery, while still maintaining your regular work load.

To view the complete article, follow here.

Zerigo Health Appoints Helen Calvin as President and Chief Commercial Officer

Zerigo Health, a Serra Capital III portfolio company, announced this week that it has appoint Helen Calvin as the new President and CCO. Helen brings 15+ years of experience in scaling companies across digital health.

Zerigo Health offers the only comprehensive home solution that seamlessly connects patients and providers to deliver optimal dermatological outcomes. Zerigo’s precision solution remotely treats and monitors patients with chronic skin conditions using narrowband ultraviolet B (NB-UVB) phototherapy, a proven, standard-of-care treatment. Patients benefit from the unique combination of advanced technology with personal coaching and support throughout their treatment journey, which results in documented increases in treatment adherence and patient satisfaction. To learn more, visit www.zerigohealth.com.

Paystand Puts Crypto on Its Balance Sheet, Setting a New Standard for B2B SaaS Operations

Paystand – the leader in blockchain-enabled B2B payments – today announced it has been purchasing Bitcoin (BTC) and Ether (ETH) on its balance sheet. This move marks a significant milestone for B2B SaaS companies and further legitimizes the emergence of cryptocurrency as a viable balance sheet asset. Paystand’s decision to accumulate and hold crypto underscores the company’s belief in the long-term value of digital currency and that owning DeFi assets will soon become essential for businesses in the 2020s and beyond.

"Blockchain technology is one of the best bets a company can make in the 2020s and within that, crypto has become an emerging opportunity to strengthen the corporate balance sheet and better manage capital preservation against external volatility in the fiat money supply," said Jeremy Almond, Paystand’s CEO. “Blockchain and digital currencies are uniquely positioned to transform corporate treasury and revolutionize how companies function at the root level. Just as cloud computing transformed the way companies were run in the early 2000s, blockchain will help businesses unlock newfound potential when it comes to scalability, growth, and revenue.”

Paystand is a Serra Capital II and Serra Capital II Follow-on-Fund company. To read the entire article, follow here.

Built in Chicago: What the Pandemic Taught Us About Company Culture

Prior to the Covid-19 pandemic, it was common for tech companies to require most of their employees to work from the office.

After all, being face-to-face with colleagues seemed like a critical ingredient to building culture. Working in person facilitated bonding, made collaboration easy and created a sense of “one team.” The thought of missing out on that, paired with the idea that some jobs just couldn’t be done remotely, forced many CEOs to buck the work-from-home idea.

Peter Evans was one of them. He’s the CEO of PHMG, and was of the notion that working remotely for many jobs simply wasn’t feasible.

“But then the pandemic gave us no choice on the matter,” Evans said.

Now, Evans is a changed man on the topic. And he’s not alone.

Read further here.

Lisnr Partners With Paga on Contactless Payment Solution Across Africa

Lisnr, a Serra Capital II and Serra Capital II Follow-on-Fund company, has announced its partnership with Nigeria-based payment platform Paga. Lisnr is the global leader in proximity verification that enables contactless ultrasonic authentication. This relationship will allow contactless payments throughout Africa.

The strategic partnership between Paga and LISNR is the first major partnership of LISNR in Africa’s fintech space.

To view the full article, follow here.

Droneseed To Be Part Of U.S. Forest Service’s New Reforestation Mission

Droneseed, a Serra Capital Ag Tech Fund portfolio company with rapid reforestation as their mission, is now a integral part of how the U.S. Forest Service will reforest land.

Thousands of acres of California forestland are destroyed every year due to wildfires ‚ and in some areas, the land is unable to regenerate. Cal Fire and the U.S. Forest Service are hard at work trying to give trees a head start by collecting seeds to start seedlings in greenhouses and planting them by hand. However, enter Droneseed, whose solution can drop seeds from the sky. DroneSeed is paid per acre to plant tree seed vessels after a wildfire, using heavy-lift Drone Swarms. Rapid reforestation, that is quicker, safer and ready to go at a moment’s notice.

To view the full article, follow here.

Artio Medical’s Amplifi Vein Dilation System Demonstrates Encouraging Results

Artio Medical, Inc., a medical device company developing innovative products for the peripheral vascular, neurovascular, and structural heart markets, today announced that full results from its first-in-human (FIH) clinical study of the Amplifi™ Vein Dilation System were presented at the 2021 VEITH Symposium by Surendra Shenoy, MD-PhD, an Associate Professor of Surgery at the Washington University School of Medicine at Barnes-Jewish Hospital in St. Louis, Missouri. 

"Data from the first five patients treated with the Amplifi System demonstrated more than a doubling of forearm and upper arm cephalic vein diameters following a mean treatment period of 8.6 days. We were able to successfully create an arteriovenous fistula (AVF) using treated veins in all patients and observed rapid and robust AVF maturation," commented Dr. Shenoy. "This data is very encouraging and I believe this technology has the potential to offer a much-needed solution for increasing AVF suitability and reducing maturation failure."

Artio Medical is a Serra Capital III and Serra Capital III SBIC company. To view the full article, follow here.

Hazel Technologies’ Co-Founder Listed on Forbes ‘30 Under 30’

Hazel Technologies is a stand-out Serra Capital III company that is changing the fresh produce industry with packet inserts that keep food fresher, longer. This week, their co-founder, Patrick Flynn, was featured on the Forbes “30 Under 30 Manufacturing & Industry” List.

Hazel has recently expanded to the West Coast to better offer their solutions in California - where 25% of the United States food supply is produced. The company also recently completed a $70 million Series C funding round.

To learn more about Hazel, follow here.

Introducing Opendorse Opportunities

Opendorse, a Serra Capital III and Serra Capital III SBIC portfolio company, made a major announcement in November with the launch of Opendorse Opportunities.

“Now available on Opendorse, Opportunities makes it easier than ever for brands and fans to connect with their favorite athletes. It’s like a job board for NIL deals. Everyone is welcome to create a free account and list an opportunity.’

To view the full announcement, follow here.

Hazel Technologies Expands to the West Coast

Hazel Technologies Inc., a Serra Capital III portfolio company, is a USDA-funded technology company delivering new solutions for fresh produce to extend shelf-life, increase sales, and combat food waste. It has recently announced its first major corporate expansion beyond its Chicago headquarters – a new Fresno, CA research center and west coast customer support office located adjacent to Fresno’s Yosemite International Airport. The announcement of the strategic Central Valley hub follows Hazel Technologies’ recent $70 million Series C funding round.

To read the full article, follow here.

Evisort is Selected for 2021 Spend Matters ‘50 Providers to Watch’ List

Spend Matters® just revealed its 2021 "50 Providers to Watch" list which includes Evisort, a leading provider of contract management and artificial intelligence (AI) solutions.

Spend Matters selected Evisort and the other listed companies based on rigorous criteria including growth, innovation, technical capabilities and solution delivery. Evisort was independently chosen by Spend Matters’ analyst team over multiple rounds of debate and discussion.

2021 marks the eighth year of publication for the Spend Matters 50 to Watch as well as its counterpart, the 50 to Know. The Spend Matters annual 50 Providers to Know and 50 Providers to Watch lists are determined by the entire Spend Matters analyst team to represent the best of the commercial providers that serve enterprise-level procurement organizations.

To view the entire article, follow here.

Evisort is an artificial intelligence provider for contracts recognized by procurement analysts and is a Serra Capital III and Serra Capital III SBIC company.

Vytelle harvests $13.2M oversubscribed Series A round

Serra is very pleased to announce its latest investment in the Ag Tech Fund in Kansas-City, MO based Vyelle. Vytelle is a precision livestock company that specializes in genetic data and IVF technologies for cattle breeding. 

Vytelle just announced the closing of its over-subscribed $13.2M Series A round. The round was co-led by Private equity firm Open Prairie, through the Open Prairie Rural Opportunities Fund, and Kansas-based Ag-tech VC, Fulcrum Global Capital. Serra's Ag Tech Fund participated in the round as did new Midwest investors Innovation In Motion and KCRise, as well as existing investor, UK-based Wheatsheaf Group.

Vytelle's integrated technology platform combines Vytelle ADVANCE, a breakthrough in vitro fertilization (IVF) technology, with Vytelle SENSE, an animal performance data capture system, and Vytelle INSIGHT, an artificial intelligence based genetic analytics engine. The platform provides progressive cattle producers the technology to multiply the impact of elite livestock productivity and profitability, sustainably delivering more protein with fewer inputs.

To view the complete article about the most recent funding round, follow here.

Dr. Kiana Aran of Cardea Bio wins the 2021 Nature Research Award for Scientific Achievement

Nature, a world-leading scientific journal, announced on October 28 that  Dr. Kiana Aran, an associate professor at Keck Graduate Institute, and Chief Scientific Officer at Cardea Bio, Inc., won the 2021 Nature Research Award for Inspiring Women in Science in the Scientific Achievement category.

Cardea, a Serra Capital II and Serra Capital II Follow-On-Fund company, is a company that is linking computers to the live molecular signals running biology. Its multi-omics technology consists of a Tech+Bio Infrastructure (hardware, software, and wetware) and Chipsets manufactured with proprietary graphene-based, biology-gated transistors, called Cardean Transistors™.