Agritech startup ChrysaLabs secures $11m in Series A financing

• The round was backed by new investors Leaps by Bayer, Telus Ventures and BDC Capital
• In addition, existing investors Ecofuel, Emmertech, Anges Québec, AQC and Koan Capital participated
• To date, ChrysaLabs’ technology has been used on more than two million acres across seven countries, six Canadian provinces and 25 US states

ChrysaLabs, a Montreal-based agriculture technology startup providing portable, accurate and real-time soil data solutions, has raised $11 million (C$15 million) in Series A financing.

The round was backed by new investors Leaps by Bayer, Telus Ventures and BDC Capital’s Industrial Innovation Venture Fund. In addition, existing investors Ecofuel, Emmertech, Anges Québec, AQC and Koan Capital participated.

ChrysaLabs’ solution uses cloud computing, artificial intelligence and machine learning to extract real-time data from its spectroscopy technology, providing information quickly and allowing field managers to take action minutes after sampling. Producers and agronomists are able to sample the soil as many times as they want.

To date, ChrysaLabs’ technology has been used on more than two million acres across seven countries, six Canadian provinces and 25 US states.

“Our spectroscopy-based soil probe delivers ground truth soil information, which can empower farmers to make a real impact on climate change while advancing their financial opportunities,” said ChrysaLabs co-founder and CEO Samuel Fournier in a statement. “This investment round comes at an important time for us and the industry, which is greatly in need of accurate data, and will propel our expansion into the carbon verification market and onto more farmers’ fields.”

“ChrysaLabs’ technology has the potential to revolutionize the world of agronomy and precision farming,” said Mario Mele, vice president at Telus Ventures. “Their technology not only helps growers save time and reduce their reliance on traditional wet soil labs, but also provides them with a comprehensive digital twin of their land, allowing for more precise, and efficient fertilizer management. We see a tremendous potential to make an impact on the future of agronomic services globally and are excited to be a part of their journey.”