Case Study: Aromyx Inc, winner of the Radicle Challenge at the World Agri-Tech 2019 Pitch Day
Find out what last year’s World Agri-Tech Pitch Day winner has been up to since securing a $250,000 investment from Radicle Growth last March.
Are you an early to mid-stage agtech start up solving agricultural challenges with novel technology solutions?
Enter the Radicle Challenge by Corteva at World Agri-Tech by December 6, 2019, for your chance to be one of six finalists invited to present your solution to an expert panel ahead of the World Agri-Tech Innovation Summit in San Francisco, March 2020.
Watch this video for tips from last year’s winner, Josh Silverman, CEO of Aromyx:
About last years winner, Aromyx Inc
Aromyx’s technology pioneered the creation of quantified, digital representations of scent and taste. This technology directly measures how odors and flavors are perceived by consumers and measures off-flavors or contaminants in raw materials to mitigate issues before they hit production lines. Aromyx’s proprietary database, Allegory, provides a basis for machine learning to analyze flavors and fragrances in a way that was not possible before.
Hear from Josh Silverman, Aromyx Inc
What has happened since your win last March? How has the investment and mentorship from Radicle Growth changed your business?
Since last March, our business has continued to grow, and we have got great customer traction with multiple successful projects. Radicle has been very active in supporting us with customer and investor introductions, as well as bringing a wealth of useful ideas and feedback on the business strategy in general.
There are so many pitching opportunities for start-ups, what made you choose the Radicle Challenge? What tips do you have for innovators thinking of entering?
The Radicle Challenge was attractive because it was such a smooth process, but also because of the quality of the judges and associated companies. The ability to have your pitch seen by so many potential customers was very appealing. For new innovators, I would recommend having a clear vision and business model while also being able to articulate the big picture impact of successful implementation of your technology.
You also presented at the World Agri-Tech Innovation Summit as part of your win. Why should early stage innovators attend the event, and consider pitching?
The Summit is a very high-quality event with lots of corporate partners and investors. We’ve got multiple great contacts following every presentation at the Summit, and that type of exposure is extremely valuable to a small start-up.
What’s next for Aromyx?
Aromyx is growing rapidly, specifically expanding our software and data science teams as we have more and more customer projects ongoing. We are automating our lab to increase throughput so we can address our customer demand, and we are looking forward to some big announcements in the new year!
Find out about the Radicle Challenge by Corteva at World Agri-Tech 2020 and apply here.
Hear from Kirk Haney, Radicle Growth
Why was Aromyx chosen as the winner last year? What do you look for in an early stage innovator?
Their ability to digitize taste and smell is unmatched and will have many applications throughout the ag and food value chains. This big data platform is also a valuable resource for companies looking to tailor their offerings to consumer preferences, drive market adoption, control the quality of raw materials to prevent spoilage and increase efficiency in the food system overall. We are extremely impressed with Aromyx’s technology, team and the impact we can have by accelerating the development and adoption of this technology.
We look for early-stage innovators that are solving critical ag and food challenges with novel tech solutions. We look for entrepreneurs who are coachable and see the value of our platform to turn an idea or an early technology into a scaleable solution.
How is Radicle Growth different to other acceleration funds?
We are unlike other venture and acceleration funds because at our core we are a company-building platform. We provide early-stage entrepreneurs with the level of funding they need to be successful (and they often don’t have access to in traditional incubator and accelerator programs), but that’s just the beginning. More than just the funding, we provide entrepreneurs with access to exactly what they need: introductions to customers, help with product development, pricing strategies and partnerships with corporations.
We have more than 20 venture partners, corporate partners and a universe of entrepreneurs with deep domain expertise building start-ups. This ecosystem helps entrepreneurs understand what potential acquirers think and what they expect and accelerate their time to key milestones.
What are you hoping to discover among this next round of entries?
With the Radicle Challenge by Corteva, we are looking for early-stage technologies across the agtech value chain solving problems facing today’s farmers. Some of the key focus areas for Corteva include: early biological warning systems, targeted crop protection delivery (precision applications), alternative protein discover tied to alternative cropping/ag systems, B2B farming-as-a-service platforms, soil heath (from imaging/analysis to microbiome), digital/software development and edge computing, natural products and natural product analogues discovery and climate-positive crop production agriculture. Entrepreneurs from around the world are encouraged to apply.