PES Technologies secures £2.4m Seed investment led by TSP Ventures to launch soil health tool
The financing was led by TSP Ventures to support the commercial rollout of the company's soil testing technology.
PES Technologies has developed an in-field soil testing tool that assesses biological, chemical, and physical health indicators within minutes using scent detection. The company aims to support sustainable agriculture by providing rapid and affordable soil diagnostics.
PES Technologies has secured £2.4m in a Seed funding round to prepare its in-field soil health measurement device for commercial launch. The financing was led by TSP Ventures, with additional participation from Kero Development Partners, Green Angel Ventures, Moorhampton Investments Limited, Climate.vc, Generation-RE Holdings, angel investors, and existing shareholders. The funding follows successful commercial trials with large agronomy firms and farm businesses, and will be directed towards finalising product development, launching the technology in 2024, and expanding the commercial and administrative team. Innovate UK also backed the company with an additional £625k in non-dilutive funding.
From the founder
"This funding builds on the successful commercial trials PES carried out with large agronomy companies and farm businesses in 2022. It enables PES Technologies to complete product development, power product launch in 2024 and hire the key commercial and administrative staff needed to turn our potential into a commercial success story."
Andrej Porovic
CEO at PES Technologies
Investor perspective
"We are delighted to be joining the PES Technologies team as they bring their pioneering product to market. By enabling faster, cheaper, more convenient and more informed soil testing, PES will be a driving force behind sustainable agriculture and improving global soil health. We look forward to supporting this multi-talented team in any way we can to swiftly grow the business."
Chris Smith
CEO, TSP Ventures
Use of funds
- 01Continue product development
- 02Grow the team
- 03Accelerate go-to-market
Investors
Chris Smith
TSP Ventures
Kero Development Partners
Green Angel Ventures
Mark Blandford
Moorhampton Investments
Climate.vc
Generation-RE Holdings
Categories
About the company
PES Technologies
PES Technologies develops rapid smell-based soil health measurement tools for agriculture.