Goanna Ag: water irrigation tech seeks $10m investment for US cotton and corn market expansion
- Investors seeking an active role in Goanna Ag’s development roadmap to scale its technology into the US cotton and corn market.
- Expertise in expanding into the US agriculture market would be beneficial, along with experience in ESG [Environmental, Social, Governance] to extract maximum benefits for the grower.
Water is an increasingly precious resource – and as the global population swells, coupled with rising impacts of climate change, the urgency to produce more with less has never been greater.
This global challenge requires growers to be more water use efficient, while delivering higher yields to achieve optimal plant growth. Identifying precisely how much water a crop needs and when it should be irrigated, is key to optimising plant growth.
Measurement of real-time crop health, specifically plant stress is critical – and not unlike humans, each plant species has a specific optimum temperature. This real-time information is what can enable growers to make proactive and more informed decisions on irrigation schedules, thus boosting yield and saving water and costs each season through calculated planning.
Goanna Ag’s market-leading water irrigation scheduling solution, is seeking $10 million from investors to support its expansion. 10% will fund the US expansion into the cotton and corn market, 10% will support development of the new user interface and 20% will underpin development for new commodities. The balance will be operating capital.
At the conclusion of the capital raise, CSIRO and CRDC will become shareholders in exchange for transferring core intellectual property to Goanna Ag. The R&D allocation will underpin a 5-year R&D program with CSIRO, helping Goanna Ag rapidly expand their product offering, which keeps development costs down.
The Australian startup’s rapidly adopted flagship product, GoField integrates in-field sensors, local weather data, crop growth stage, satellite imagery and analytics to identify precisely how much water the crop needs and when. GoField has grown from 10% market penetration to 40% in just two years in the Australia irrigated cotton market – and the benefits to cotton growers are clear.
Through accurate, intelligent scheduling, GoField saves 1-2 irrigations per season – amounting to 15-20% total water savings across the year. Cotton growers who follow GoField’s irrigation prescription, have shown yield boosts between 10-40%.
Goanna Ag’s GoField technology is the result of a decade of invaluable Research & Development (R&D) by CSIRO and the Cotton Research and Development Corporation (CRDC). Goanna Ag is not your traditional startup. Spun out of Delta Agribusiness, one of the largest input suppliers in Australia, its shareholder list boasts top-tier Australian agribusinesses such as: Delta, Westpac, GrainCorp and MH Premium Farms.
The GoField technology has already caught the eye of the US Department of Agriculture (USDA), trials with whom have helped the startup establish a commercial footprint in Texas. Now Goanna Ag, is looking to expand to the Mississippi, targeting both cotton and corn growers and soon enough, soybean growers.
Noteworthy partnerships with the Grains Research and Development Corporation (GRDC) and Bayer have shown how rapidly Goanna Ag has cemented its place as an agritech leader. The Bayer project is focused on expanding cotton water use efficiency in Australia and beyond, with a partnership plan to deliver GoField to 300 sites each year for the next three years. The $5.5 million GRDC project will see Goanna Ag roll out 100 inversion towers across Australia – to help grain growers identify hazardous temperature inversions to minimise spray drift.
Potential other applications:
Beyond cotton and corn, Goanna Ag is moving as quickly as possible into permanent tree crops, horticulture and wine grapes. The startup has already started collecting and analysing data across a number of other commodities with an ambitious goal to get a device into every household to irrigate their lawn appropriately.
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