Copenhagen-based startup Agreena acquires UK-born Hummingbird Technologies, an artificial intelligence SaaS platform using the latest deep learning and computer vision techniques along with proprietary algorithms to provide actionable intelligence to farmers and agri-businesses at key decision-making times in the growing season. Agreena’s platform supports farmers in their transition to regenerative agriculture with the issuance of third-party verified carbon certificates – which can be kept by the farmer or sold onto the voluntary carbon market (VCM) for offset purposes. With this acquisition, Agreena will help Hummingbird Technologies develop MRV technologies and benefit from it for its leading carbon programme.
Carbon farming agtech Agreena acquires Hummingbird Technologies to scale markets with integrity
Today’s announced acquisition from Agreena comes as an industry-first in regenerative agriculture. As the new marketplace for soil carbon certification quickly develops, the purchase of groundbreaking MRV-technology from Hummingbird further ensures the validity of its carbon certificates. This deal enhances Agreena’s capabilities and consolidates its leading market position.
Technology is one of the main drivers in scaling the verification of carbon offset projects, with data and automation ensuring both its speed and fidelity. Agreena’s cross-border acquisition of U.K.-based Hummingbird Technologies is clear proof of this dynamic. With this new chapter in their partnership, Agreena puts key financial and commercial resources into the development of Hummingbird’s MRV (monitoring, reporting & verification) technology, a crucial innovation that helps create trustworthiness around soil carbon certificates.
Agreena and Hummingbird have closely collaborated for years, with the deal coming as an aligned strategic move between both leadership teams. The merger strengthens Agreena’s value chain, underlining the company’s internationally leading position within the agricultural sector for soil carbon certification. The purchase will result in a company with more than 80 combined employees. Agreena has been operating its soil carbon program in 13 countries throughout the pan-European market, and the new acquisition will build its operational capacity in the Americas and Australia.
“Agreena is on a mission to enable an international regenerative agriculture movement, and this market-leading MRV solution can deliver a massive scalable impact,” says Simon Haldrup, co-founder and CEO of Agreena. “We have been thoroughly investigating advanced technology solutions and working towards enhancing our protocol since day one – and with this acquisition, we are not only scaling but also enhancing the integrity of the market.”
Satellite technology helps verify farmers’ transition into sustainable production
Hummingbird’s original technology vision as set out in 2016 by founder Will Wells, who will join Agreena as an advisor, was to alleviate the climate burden of intensive farming and food production through advanced remote sensing and data science. AI and satellite technology can support on-field data in proving that farmers have redirected their production towards more sustainable agricultural practices.
Hummingbird Technologies has developed a machine learning-based monitoring and verification solution that uses low-orbit satellite imagery and ground-truth data. It automatically recognises and reports on-farm regenerative agriculture practices such as cover crops, tillage, and crop rotations to track green biomass and continuously monitor field activities.
Agreena says that merging the two companies’ technology capabilities and bringing Hummingbird’s AI-based verification in-house is just the beginning and that jointly, the teams will be delivering innovative new tech solutions for the agriculture industry and soil carbon markets.
“Hummingbird and Agreena were early pioneers in what is now a thriving regenerative agriculture economy. Our complementary technologies have enabled this market to take off, and as such, this is the perfect match,” says Alexander Jevons, CEO of Hummingbird Technologies. “Our companies’ partnership-turned-marriage is a natural progression in a maturing and fast-growing industry.”
The two organisations will continue being led with their teams operating fully intact from Copenhagen and London – independently united in human, technology, and market resources.
Originally published on ArcticStartup : Original article