Fintech
Susterre Technologies Raises Over $2M in Seed Round Financing
Calgary, Alberta–(Newsfile Corp. – January 26, 2022) – Carrot Ventures Fund I, LP is pleased to announce Susterre Technologies Inc. has successfully raised over $2 million in seed round financing.
Susterre is pioneering ultra-high pressure fluid jet technology in row crop applications to reduce the costs and technical barriers limiting the adoption of no-till and conservation tillage.
No-till agriculture is an established cropping practice in North America that reduces soil erosion and chemical runoff, and preserves soil structure including beneficial biology.
Unfortunately, since it can be difficult for existing blade-based planting technology to slice through crop residue and create optimal seeding conditions, many farmers revert to conventional deep tilling methods.
Susterre’s technology uses ultra-high pressure fluid jets (used in industrial applications to cut steel) to slice through thick layers of debris and compacted soil for planting at high ground speed. This technology enables the long-term, cost-effective use of no-till agriculture.
Studies show this innovation reduces the cost of planting by about 13%, increases the planting window under variable moisture conditions, and improves germination rates.
Susterre’s patent-pending technology adapts well to all dominant row crops and seed spacings, but the company will initially focus on North American corn and soy production. The technology is designed as an upgrade to existing planters, making it an easy and cost-effective solution for traditional and no-till farmers to adopt.
“The broad economic and agronomic benefits to farmers and the environment is what drew us to the technology in the first place.
“We’re very pleased with Susterre’s rapid progress, and the reception received from the farming and finance communities.”
– Martin Vetter, Venture Partner, Carrot Ventures
Closing the seed financing round is an important milestone for Susterre and Carrot Ventures. Susterre is the first company to advance through Carrot’s unique company creation model.
“When Carrot approached me, they had sourced and vetted an exciting new technology. They recruited me to be the founder and CEO of a brand-new company dedicated to commercializing the technology.
“Carrot got the ball rolling by incorporating Susterre, providing start-up capital to get us going, and generally making sure we had a solid foundation that investors would support. Their efforts really set the stage for this round of financing and this phase of Susterre’s life. They’ve been a vital partner in our development.”
– Michael Cully, Founder and CEO, Susterre Technologies Inc.
About Carrot Ventures Fund I, LP
Carrot Ventures is a venture capital fund focused on early-stage agricultural technologies. Their novel approach to AgTech commercialization offers intellectual property holders “The Third Option” to commercialize promising innovations. The fund is a partnership between AVAC Group and Farm Credit Canada. Carrot is not a funding source for existing companies. Learn more at CarrotVentures.com and download the eBook.
About Susterre Technologies Inc.
Susterre is pioneering ultra-high pressure fluid jet technology in row crop applications to reduce the costs and technical barriers that limit the adoption of conservation tillage. Learn more at Susterre.com.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/111753
Powered by WPeMatico