Walt Duflock

AgTech Ecosystem - what does it look like when the Bay Area AgTech Ecosystem rallies for some local brew and snacks, great conversations with AgTech startups, funders, and a whole bunch of folks working hard and rooting hard for their collective success? It looks exactly like the picture below (thanks Sachi!) Rhishi P., Sachi Desai, and I were happy to host and it was awesome to see so many people find time to share with old friends and hopefully make some new ones. There were mentors, founders, and startup team members and the energy was fantastic! All of this goes under the banner of what Rhishi, Sachi, and I loosely call "AgTech Alchemy" - where an agriculture problem, an AgTech innovation, and some capital combine to create and scale great startups. It doesn't always work out that way but we all work hard to help make the alchemy happen. To that end, let's recognize the startups that were willing to get up and tell the group about their startups and products and hopefully get some new conversations started - Bountiful - Megan Nunes, Michael Bertino Nighthawk - Lawrence Ibarria KissanAI - Pratik Desai, PhD Spectacular Labs - Arthur Montazeri TRIC Robotics - Adam Stager Emergent Connext, Inc. - Mike Roudi Glean (live named on stage!) - Erica Bliss So where do we want to go from here: 1) There will be more in-person events - starting at Woodland on October 24 (day 3 of FIRA USA). Details and location will be shared with our email list and on LinkedIn by all 3 of us. We will hear from multiple startups at each event so we can hear the progress and about what they need / want next from the group. 2) There is now a Slack Channel that you can join to be part of the AgTech Alchemy community between the live events. Email us at [email protected] and we will send you a Slack invite. 3) AgTech Alchemy Newsletter Issue 1 was released yesterday at the event. We'll send it around to everyone that is on the email list. Email at the email address above and we'll send it to you. It will be a combination of insights from Rhishi's Software is Feeding the World Newsletter, my LinkedIn musings, and Sachi's witty banter and clever graphics. 4) And remember what it's all about - helping increase AgTech startups chances for success - one startup meeting and conversation at a time! See you on Slack and in Woodland in a couple of weeks! Please help us add to the AgTech Alchemy Community - anyone can email us and get added to the invite, Slack, and Newsletter lists! Rob Trice Vonnie Estes Mareese Keane Elif Ceylan Erica Bliss Mark Linder Ben Palone Andreas Fuchs Ethan Shedd Ashley Sweeting Megan Nunes Katrin Jakob Connie Bowen Micki Seibel Teed up for next time (Woodland - FIRA USA!) Brent Shedd Nathan Dorn Ethan Rublee Gabe Sibley Curtis Garner Greg Chiocco Gabriel Youtsey Mason Earles Tjarko Leifer

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PCC Community Markets led a convening session in February to try to define “regenerative,” before this term goes the route of natural… The article on their site is well worth reading - it does a great job of describing the intent of their convening, and has some helpful links to learn more, like how to comment on the California definition process. Very glad PCC is diving in here, and hope other retailers are taking note! The connections between regenerative, organic, soil health, nutritional density, and halting and reversing climate change are too important to let big-ag and big-grocery steal this term before it ever really takes hold. #regenerative #regenerativeorganic #climatechange #soilhealth #nutritionaldensity https://https://lnkd.in/gt5JDnbR Thanks as always Ken Roseboro for keeping on top of the news!

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Another exciting partnership, taking crop protection to new heights! I’m thrilled to announce the partnership between yieldsApp and Fermata. This collaboration unites yieldsApp’s AI-powered crop management platform, and Fermata’s advanced AI-based computer vision technology, creating a comprehensive solution for crop protection. Fermata uses cameras and computer vision to monitor crops, detect and identify issues in real time, whether it's pests, diseases, or nutrient deficiencies. This allows for immediate awareness of potential threats, helping farmers to catch problems early and prevent them from escalating. At the same time, yieldsApp’s dynamic crop protection protocols kick in, analyzing the data and providing tailored, data-driven recommendations. Our platform doesn’t just flag issues—it recommends precise treatments and interventions based on the specific conditions in the field. From selecting the best plant protection methods to determining optimal timing, yieldsApp guides farmers through every step of the decision-making process, ensuring efficient, timely responses to any crop protection challenge. By integrating these powerful tools, we’re empowering farmers with a robust solution that improves crop health, reduces chemical use, enhances sustainability, and maximizes yields. https://lnkd.in/dynqCimh

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🌱 This report from my friend Scott Leonard, is a must-read for anyone interested in creating a sustainable and equitable food ecosystem; it captures the urgency of addressing soil health, biodiversity, and climate challenges while showcasing the actions that brands, investors, and farmers can take to make a difference. 🧑‍🌾 This is a great state-of-the-union report on some of the “opportunities” we have in the CPG sector. After reading Scott's report it’s evident to me that brands occupy a pivotal position in driving the adoption of regenerative agriculture. CPG companies can function as a bridge between consumers and farmers to catalyze a movement toward sustainable food systems. ⛓️ The role of collaborative supply chains really resonated with me and I liked learning how organizations like the One Step Closer Fund fosters innovative long-term sustainability. 🌿 Scott’s references to how brands that are making a difference, and taking action, like Ancient Nutrition, Patagonia Provisions, Kashi Company, Guayakí Yerba Mate (I know the amazing family that started this company - Hi Steven, David, and Bob). and Simple Mills (I love their cookies made with milled watermelon seed instead of flour 🍪😋) were great real world examples that actually work! 📝 I found the section of the report that discussed measuring impact was especially helpful since Scott provided examples of what to track and where to start (eg. carbon sequestration).  Happy reading!!! #innovation #creativity #sustainability #futurism #management

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What they’re saying about 2024: Henry Gordon Smith, founder & CEO of Agritecture “2024 was another year of reckoning for indoor agriculture and vertical farming. The industry’s long-standing reliance on venture capital collided with the harsh realities of scaling unprofitable business models, leading to another wave of high-profile closures and consolidations. While many touted “tech-first” solutions, this year underscored the limitations of over-engineered farms disconnected from the fundamentals of agricultural economics and local market realities. “Conversely, the most significant innovations came from players who embraced pragmatism: integrating low-tech approaches like energy-efficient greenhouses with high-tech systems like AI optimization, and expanding into overlooked crops such as berries and medicinal plants. “Greenhouses were big winners in 2024 and will continue to be while small vertical farms continue to pop up in cities across the world with modest success. One of the most paradoxical trends was the increasing investment from oil-rich nations into indoor ag. While these initiatives boosted technological adoption in arid regions, they also raised questions about sustainability metrics and long-term viability. If 2024 taught us anything, it’s that the future of indoor ag lies not in flashy tech or limitless funding but in disciplined, market-driven innovation that marries technology with necessity.” https://lnkd.in/dwaSsnmZ Thank you AgFunder 👍🏼

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Reading the excellent “Same As Ever” by Morgan Housel, there’s one passage that jumped out at me when thinking about Ag Tech, and in particular the potential for new technologies to completely transform the way we produce our food. Here’s the passage: —------ It’s easy to discount the potential of new technologies. There’s a typical path for how people respond to what eventually becomes a world changing new technology: Stage 1: I’ve never heard of it Stage 2: I’ve heard of it but I don’t understand it Stage 3: I understand it but I don’t see how it’s useful Stage 4: I see how it could be fun for rich people, but not me Stage 5: I use it, but it’s just a toy Stage 6: It’s becoming more useful for me Stage 7: I use it all the time Stage 8: I could not imagine life without it Stage 9: Seriously? People lived without it?? Stage 10: It’s too powerful and needs to regulated It happens over and over again. It’s very difficult to envision what one small invention has the potential to become……one day. —-------- When you think about new technologies, where do you think the agriculture industry is on this journey? In particular when we consider truly transformative technologies, such as robotics, AI and autonomy - technologies which are not just making the existing system more efficient, but are actually shifting the paradigm towards something 10x better than we have today - where are we really? Most of the industry is somewhere between Stage 1 and Stage 3, although there might be a few outliers, innovators and early adopters who are slightly further advanced than this. I don’t think there’s anyone using this technology who would consider themselves beyond Stage 6. This jumped out at me as a great way to think about future technologies and a further reminder of how early on we are in the 4th Agricultural Revolution #4AR. As Housel says, it’s easy to discount the potential of new technologies. Stages 7, 8, 9 and even 10 are coming for these transformative technologies and the opportunities are enormous for those who can develop the right business models, and the right value proposition for farmers. We’re still right at the beginning.

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Excellent post. As an NZ resident of some years personally commited to prosperity and opportunity for all NZ citizens, some thoughts: The massive drain of talent, capital, and opportunity from NZ to Australia has a lot to do with a Kafkaesque maze of self-defeating regulations that strangle NZ prosperity for all of society. Bureaucracies don’t build equitable societies, but they can regulate to death the economies that enable them. A country of a few million people facing huge deficits, a butchers’ bill of climate change consequences just starting to present itself for payment, and a fragile over-reliance on ag and tourism should not be so resolutely hostile to ideas, innovation, and capital from outside.

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AgTech Ecosystem - looking forward to joining Renée Vassilos (Director of Agriculture Innovation for The Nature Conservancy), Charlie Andersen (CEO of Burro), Michael Roth (Director of Conservation and Innovation - PA Dept of Agriculture), and Fred Slezak of Lone Maple Farm tomorrow at the Ag and Robotics Summit in Pittsburgh. It's day 1 of the Summit, and we'll help kick things off on the opening night with the panel leading right into the reception. The topic will be Ag Robotics - what will drive it and what are some of the macro trends? Renee has the moderator chair. Charlie brings the perspective of a successful specialty crop AgTech automation startup that is starting to achieve scale - and he's been at the front on this journey as founder and CEO. Michael will bring the perspective of the PA Department of Ag and the role the state can play in facilitating innovation. Fred brings the most important role - the grower using the AgTech. I bring the specialty crop automation topic to the table, and for specialty crops it's all about getting more of the key labor task areas automated with economics that work for the grower. At the moment, things look good for weeding, thinning, spraying, planting, and harvest assist. On the not so good side - harvest will still be a while. On the emerging front, AI is accelerating a lot of development work for AgTech startups and the massive data sets the robots are capturing will help the acceleration even more once we figure out how to make it all interoperable. Thanks to Maialen CAZENAVE and Gwendoline Legrand, our FIRA USA partners at GOFAR (Global Organization for Agricultural Robotics), for helping to organize and promote the event. It will be a fun couple of days at the Robotics Factory! (Did I mention FIRA USA will be Oct 22-24 in Sacramento/Davis?) #agtech #robotics #carnegiemellon https://lnkd.in/gzGZEqzh

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AgTech: A Quiet Revolution in the Making 🌱 AgTech investments may currently be at a low point ↘️, with many realizing that agriculture isn't a "typical VC play." However, the story doesn't end here. The macro trends shaping the future paint a very different and promising picture. The World Economic Forum's Future of Jobs Report 2025 highlights some of these trends, emphasizing how innovation and demand will redefine agriculture and related industries in the years to come: Agricultural Jobs on the Rise 📈: Despite a tech-heavy future, agriculture is poised for significant job growth. With population increases, urbanization, and the global demand for sustainable food production, the need for a skilled agricultural workforce is accelerating. Robotics anyone? 💻 Advancements in AI, robotics, and sustainable farming practices are creating opportunities for a hybrid workforce skilled in both traditional methods and modern technologies. Green Economy 🌱⚡ Driving Change: The ongoing investment in the green transition—sustainable energy, resilient supply chains, and regenerative agriculture—is another major driver. The shift toward eco-friendly practices is creating jobs not just in agriculture but across the energy and green economy sectors. The World Economic Forum report reminds us that macro trends often move slower than market cycles but carry profound impacts. For agriculture, this means opportunity and growth are inevitable in the coming years—especially for those prepared to think long-term. #FutureOfWork #AgTech #Sustainability #GreenEconomy #Innovation #robotics #automation

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"Agtech's 'great reset' continues" says AgTechNavigator in their analysis of Q124 PitchBook Agtech funding. -- Agtech has been around 2.2% of all VC deals since '18 but was 1.6% in Q1 -- Versus Q423, VC dollars ($1.2b) invested was down 26%, VC deals were down 20% (161) and exits dropped from 11 to 6. -- About 20% of all funding went into two deals, Oishii ($144m) and Inari ($103). Inari is sitting at a $1.65b valuation. -- Indoor farming funding was down 5x from its peak in 2021 -- Pre-money valuations were down 8.6% vs. 2023 -- Pitchbook did see some upticks in a few deal categories: 9 biomaterial, 28 plant biotech, 25 agribusiness marketplace, and 11 aquaculture deals. -- Pitchbook also sees promise in blockchain and called Indigo "ahead of the curve". Perhaps this report was published before Indigo's new CEO announced their reorg on 5/2 following three rounds of layoffs. Walt Duflock Seana Day Vonnie Estes Shane Thomas Better Food Ventures Michael Rose Chris Taylor Howard Chao Katie Grimble https://lnkd.in/gcdKSQEv

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We are using the wrong metrics to evaluate the health of California agriculture. I talk to a lot of people across AgTech and most will tell you CA ag is struggling and getting harder. Labor continues to be a problem in (lack of domestic availability has pushed immigrant H-2A labor usage up 8x in 20 years to 378,000) and cost (AEWR, housing, and transportation costs). California regulations related to minimum wage, overtime rules, break rules, and health care have increased compliance costs 8x to $977/acre/year (2017). Final two factors: (1) PAGA which deputizes shake down lawsuits for private attorneys; and (2) NAFTA which made access to cheaper labor elsewhere much easier at scale. Water continues to be a problem because of decades of deferred maintenance on existing storage (witness the $250-300M required to fix Nacimiento and San Antonio lake dams - built in the 1950s), and unwillingness to create new storage after decades of watching the water problem get worse for the entire state or permit desalination plants to leverage the hundreds of miles of coastline. Instead, California is executing SGMA, which puts the government in control of private groundwater rights and will fallow millions of acres in the next 20 years via GSAs. These are two of the main factors why a significant amount of California ag acreage has been lost - 4.6M acres the past 25 years across 5 USDA ag census reports. Yet somehow when I go to a lot of ag conferences, I continue to hear the story that California ag is fine and cite two metrics - agriculture GDP growth and farm workers required. It is true that ag GDP has grown as California has gone to more high-value permanent crops (nut crops - almonds, pistachios, and walnuts) and have more automation available. It is also true that the labor needs appear to be constant at 800,000 - 850,000 workers and 400,000 - 450,000 full-time equivalent (FTE) workers a year. But how do you explain CA ag is fine when Peru exports have grown from $645M in 2000 to $10.5B in 2023 and we know much of that GDP and those acreage came from California (and South America is responsible for 10% of global ag exports, and that doesn't include Mexico). I believe the use of these two metrics is incomplete at best and misleading at worst. We need to factor in a couple more realities: 1) Relative market share and growth of exports; 2) Growth in costs/acre for CA acreage and net change in margin, particularly irrigated acreage; 3) Growth in acreage and GDP for other regions as CA/US acreage is lost; 4) Investment in water storage and reduction in labor bureaucracy relative to competitive regions. What we really need is an Agriculture Economic Vitality Index that factors in those 4 (and more) because the way we do it now does not tell the whole story. CA ag is a frog in Sacramento's pot of water that is getting to a boil. #ageconomics #stuffthatmatters #mathmatters Lynn Hamilton Carter Williams Russ Kabaker Rob Trice Seana Day Vonnie Estes

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One of the largest reductions in global greenhouse gas, actionable *today*, with increased profits for farmers and *zero* intrusive legislation or costs for those farmers -- that's what DCVC-backed CH4Global delivers.

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Climate Sector is Hot Yet Not Always VC Backable - Enter AgFoodTech Touché. The climate sector has garnered significant attention, media coverage, and resources recently. However, not all companies are VC-backable. Many are great projects, but they are often long-term, non-scalable, and not tech-oriented, with revenues projected in the distant future. They often aren’t the best match for VC funding. AgFoodTech is changing the game. It starts with the rising demand for sustainable solutions. AgFoodTech companies like NotCo a Chilean food-tech company, have really surprised many investors. Not the favorite thesis of many, but surpassing expectations, NotCo has shown the potential of plant-based alternatives. Their approach to creating plant-based versions of traditionally animal-based foods has driven significant consumer interest and investment. Technological advancements are key. And Solena, a biotech company from Mexico, leverages advanced microbiome technology to enhance soil health and productivity, significantly reducing the need for chemical fertilizers. This breakthrough not only improves sustainability but also promises substantial returns by cutting input costs. Investor interest is driven by returns, and companies like Agrolend, a Brazilian AgFinTech, and part of our portfolio at SP Ventures, have attracted investment due to their potential for high returns. Agrolend provides credit solutions for farmers, helping them adopt sustainable practices and technologies. Their success showcases the profitability of integrating financial support with advanced tech in agriculture. Scalability and profitability are essential. Another AgFinTech, Verqor, also in our portfolio at SP Ventures, provides credit solutions for farmers in Mexico, a country with a very fragile financial system where credit is often nonexistent. Verqor has made it possible to reduce industry risk by helping CPGs enable more sustainable protocols and reduce climate impact for growers. By offering accessible financing, Verqor supports the adoption of sustainable practices and technologies, enhancing resilience and productivity across the agricultural sector. Highlighting agriculture as a main thesis, it's crucial to recognize its impact on the climate. Agriculture accounts for approximately 24% of global greenhouse gas emissions, and innovative solutions in this sector can lead to substantial climate benefits. Companies like Verqor, Solena and Agrolend are leveraging technology to transform agriculture. Latin America, in particular, stands out for its innovation and implementation of these cutting-edge solutions, driving both environmental and economic benefits. So, is the climate sector venture backable? Absolutely, with the right combination of market demand and technological innovation, makes the climate sector, particularly AgFood Tech, a promising area for venture capital investment. Ready to back the future? The climate sector is waiting…Enter SP Ventures.

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Indoor farming has attracted over $6 billion in investments since 2019: It's a year-round method of crop production that optimizes space through its use of vertically stacked layers. It’s projected to grow (10% by 2032, reaching $96 billion*), yet many are struggling to deliver returns. Notably, AppHarvest recently filed for bankruptcy after reporting a net loss of $177 million, highlighting the challenges in achieving profitability in this sector. ⬆️On the up - Plenty® is one to watch - they are flush with funding from SoftBank and have formed a JV with Abu Dhabi-based Mawarid Holding Investment .They are building a network of indoor farms, likely starting with an indoor strawberry farm in Abu Dhabi. If successful, it would help elevate indoor farming as a more marketable proposition - particularly in locations that are too dry for traditional farms. Indoor farming has appeal for sure..but they an infrastructure-heavy, pricey endeavor that has proven incompatible with venture exit time frames. This begs the question around the sustainability of funding models in industries focused on longer-term growth. #VentureCapital #IndoorFarming #Investment #Sustainability #Agriculture *Statista

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🍽️ **Eat Less Beef. Eat More Ostrich? An Intriguing Alternative!** by Sarah Zhang 🍽️ As conversations about sustainable eating practices continue to grow, I recently discovered an unexpected contender in the meat space: ostrich. Raised and butchered by a cattle farmer’s wife, ostrich is being touted as a sustainable red meat option that supposedly tastes just like beef. This piqued my curiosity and prompted my family to serve ostrich at our Christmas dinner, despite my initial skepticism. 🌱 The environmental benefits of choosing ostrich over traditional beef are noteworthy. Studies suggest that ostrich meat may have a similar greenhouse-gas emission profile to chicken—considerably lower than that of beef. Given that beef is responsible for significantly higher emissions due to methane production during digestion, exploring alternative proteins like ostrich seems increasingly relevant. However, challenges arise in comparing the full environmental impact of meats because factors such as feed production and farming practices vary widely. 🥩 While taste-testing ostrich was an adventure, the experience left me pondering the complexities of sustainable eating. The ostrich filet I pan-seared and the smoked ostrich wing did not fully resemble beef but had their distinct flavors, leaning towards a leaner, richer poultry experience. While the price tag keeps it out of reach for regular meals, it’s clear alternatives like ostrich deserve more attention in our pursuit of environmentally conscious diets. As we embrace change, let’s consider diversifying our protein sources while savoring the culinary adventure! #SustainableEating #OstrichMeat #FoodInnovation #ClimateAction https://lnkd.in/dVirej6R

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An exceptional conversation with Dane Hague, CEO of MyLand Agriculture, A Soil Health Company While many talk about regenerative agriculture, Dane Hague and the MyLand team are delivering soil health solutions with quantifiable impact. Improving soil health and reducing water use. Favorite quote from Dane, "We can't solve the water crisis without soil being part of the conversation." As always, thanks to Tom Freyberg, my co-host, and founder and Managing Director of Atlantean Media Dane openly shares his origin story, moving from a successful corporate legal career into co-founding a soil health company that harnesses microalgae. He describes how we got to the stage of unfarmable land, with heavy industrial and commercial farming activity stripping out the life from soil. The co-founder discusses the dire situation of farmland being abandoned at an alarming rate, and the impact of unhealthy soil on water. In his words, Dane says that we can’t solve the water crisis without talking about soil. He also talks about engaging in dialogue with farmers and why bombarding them with data isn’t the answer. Watch the full fascinating episode: https://lnkd.in/d8H-fqwK Have you considered soil's role as part of the water crisis? Thoughts and comments below 👇 🔔 Make sure to hit the bell to subscribe to The Stream channel to never miss an episode. A big thanks and shout out to our sponsor Raymond James, charity partner Frank Water and impact partners WWF| DCU Water Institute | British Water | Water Alliance | Berkeley Lab Earth and Environmental Sciences Area (EESA). Water Foundry Water Foundry Ventures Nelson A. Switzer Climate Innovation Capital #Water #MicroAlgae #Soil #Agriculture #Podcasting #Podcast #climatechange #agriculture

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Every time a consumer picks a product off the shelf, they’re casting a vote for or against a farming practice. (Even if they don’t realize it.) Whether it's choosing between "non-GMO," "antibiotic-free," or other labels, these decisions are influencing: → how farms operate and → where companies need to focus their advertising dollars. The moment COVID-19 disrupted our food supply chain, consumers became more aware of where their food comes from. That awareness has only grown, with more people taking an interest in food labels. But what’s driving these choices? It’s the desire to support practices they believe in, and the labels on food products play a major role in that decision-making process. Every label a consumer sees—whether it’s about animal welfare or environmental impact—affects their choice. And here’s the key: they have the power. Gen Z, in particular, is willing to pay more for sustainable brands, with 91% of them actively seeking products that align with their values. So, where should farmers and companies be telling their stories? Not to the people already committed to their products, but to those urban, value-driven consumers who want to make a difference with their purchases. To succeed in this new landscape, farmers and companies need to be laser-focused on where they spend their advertising dollars. In particular, we need to be educating our audiences on agriculture's sustainability story and what labels actually mean. Because transparency and education about the true impact of farming practices will help build trust and influence those purchasing decisions in a meaningful way. P.S. What labels catch your eye when you’re shopping? — Want to dive deeper into how consumer choices are shaping the future of farming and sustainability? DM or email me at [email protected] to book a keynote.

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Transforming agriculture with AI isn’t just a possibility—it’s happening right now. The advancements made by Mineral are a testament to what happens when bold ideas meet cutting-edge technology and funding. Integrating Mineral’s technologies by industry leaders like John Deere, The Alliance of Bioversity and CIAT, and Driscoll’s marks a significant milestone in the journey towards more sustainable agriculture. From enhancing precision spraying to accelerating the discovery of climate-resilient crops, these partnerships are proof that AI is no longer just a concept in agtech—it’s a driving force for real-world solutions. But as noted, “solving sustainable ag” is a relay race, not a sprint. We’ve come far, but there’s more ground to cover. I'm excited to see these technologies' continued evolution and impact on the global food system. International Fresh Produce Association #AI #sustainableag

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