Montreal, Canada-based leading innovator at the forefront of soil science, ChrysaLabs raised CAD 15 million (USD 11 million) in Series A financing. The round took place on May 10, 2023. Leaps by Bayer, TELUS Ventures and BDC Capital led the financing for the company. Meanwhile, existing investors Ecofuel, Emmertech, Anges Québec, AQC and Koan Capital joined in the Series A funding.
Purpose of financing for ChrysaLabs
With the latest financing, ChrysaLabs seeks to expand its business reach among growers. It also has plans to provide them with real-time portable lab data.
What the company’s co-founder has to add
ChrysaLabs Co-Founder and CEO Samuel Fournier said, “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. 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.”
What the investors have to add
Juergen Eckhardt, EVP and Head of Leaps by Bayer, further said, “ChrysaLabs’ breakthrough innovation will transform how we look at soil and carbon. Now, for the first time, we can unearth near-real-time data that is both accurate and actionable – improving overall sustainability. This is a significant advance over the status quo of mailing soil samples to a lab, which delays the grower’s ability to manage their soil as a dynamic input and inform a wide range of decisions. These insights align and accelerate economic and sustainable outcomes.”
In addition, Mario Mele, Vice President at TELUS Ventures, said, “ChrysaLabs’ technology has the potential to revolutionize the world of agronomy and precision farming. 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.”
Besides, Joseph Regan, Managing Partner, Industrial Innovation Venture Fund at BDC Capital, said, “We’re committed to helping Canadian farmers improve profitability while making their business more environmentally friendly and sustainable over time. Real-time data empowers growers to make decisions that improve yield while optimizing fertilizer applications.”
About the company
Benjamin De Leener, Gabriel Mangeat, Jacques Michiels, and Samuel Fournier in 2017 launched the company. So far, ChrysaLabs technology has been used on more than two million acres across seven countries, six Canadian provinces and 25 U.S. states.
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