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finistere.com

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Investments

57

Portfolio Exits

7

Funds

7

About Finistere Ventures

Finistere Ventures is a life science venture capital firm that invests primarily in early stage companies focused on medical devices and non-therapeutic biotech, including Agbiotech and the rapidly growing renewable fuels and green energy space.

Finistere Ventures Headquarter Location

4365 Executive Drive, Ste 1500

San Diego, California, 92121,

United States

858-926-3009

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Latest Finistere Ventures News

Israeli innovation stopping food waste in its tracks

May 13, 2022

CTech talks to three Israeli startups using cutting-edge technology to tackle the global wastefulness of food Yonatan Sredni The numbers are simply astounding. According to a report published at the end of last year by the Environmental Protection Ministry and Leket Israel , the leading food rescue organization in Israel, in 2020 nearly 2.5 million tons of food waste was thrown away in Israel, amounting to NIS 19.1 billion ($6 billion). The total loss represents about 35% of the total food production in Israel, of which, approximately 1.1 million tons is rescuable, valued at about NIS 6.4 billion ($1.9 billion). Bountica: Protecting perishables via preservation One of the Israeli companies focused on this challenge is Bountica , which is developing food-safe and nature-based proteins - antifungal peptides - that prevent the decay and spoilage of perishable foods and beverages; reducing food loss by extending their storage and shelf life, benefitting both consumers and producers. In an exclusive interview with CTech, Bountica co-Founder and CEO, Fabian Trumper, shared some startling global statistics. “According to the UN’s Food and Agriculture Organization (FAO)”, Trumper said, “one third of all food produced on the planet and about a half (45%) of all fruit and vegetables (F&V) are lost and not consumed. Food spoilage and loss worldwide is a $1 trillion dollar value-destruction industry.” “Consider this,” Trumper added, “According to the UK Food Loss Estimate Waste & Resources Action Programme (WRAP), one more day of product life across a range of foods could save 250,000 tons of food waste each year.” (Credit: Fresh Start (Bountica), Agritask, Taranis) Bringing cutting edge science to the Food & Agriculture industries To tackle the global food waste problem and to solve some of the most significant challenges in the Agriculture, Food, and Animal Health sectors, Bountica is bringing together pharma drug discovery technologies, microbiology, and food-tech insights with industry best practices and application insights. The science behind Bountica is based on the cutting-edge research of Dr. Maayan Gal from Tel Aviv University and Professor Zvi Hayouka from the Hebrew University, who together with serial entrepreneurs Fabian Trumper and Shay Hilel, co-founded Bountica. Bountica is a startup in the Fresh Start food-tech incubator in Kiryat Shmona. Established in 2020, Fresh Start rapidly grew to become a leader in the emerging agri-food cluster in eastern Galilee, led by the Israel Innovation Authority with a consortium of four partners: Tnuva, Israel's largest food manufacturer; Tempo, a leading beverage company; OurCrowd, Israel's most active venture investor and Finistere Ventures, a global agri-food venture capital firm. The incubator is led by CEO Noga Sela Shalev and CTO Dr. Tammy Meiron. “People often ask me what’s wrong with current preservative solutions,” Trumper said. “Well, the list is long. Some contain hazardous materials, which are carcinogenic and a health risk. Other solutions affect taste and smell, limiting their use and may require flavoring additives to mask their taste. Another issue is that some are sensitive to temperature, Humidity and pH levels, so their effectiveness for preserving food drops outside a narrow range. Also, solutions are harmful to beneficial animals and an environmental risk. The advantages of Bountica’s solution is that it is broad spectrum anti-fungal, it has a targeted mode of action, it is food safe, cost effective, biodegradable, and environmentally friendly - and it is suitable to many application modes on all kinds of food.” “In simple terms,” Trumper said “if we can use cutting-edge science to make food last longer, have a longer shelf life, even by just a day or two, we will be saving huge amounts of food waste worldwide - every day.” Agritask: Nipping food waste at its source Two Israeli companies tackling food waste at the beginning of the chain, at the field level, are Agritask and Taranis. Agritask is an Israeli Agronomic Intelligence startup founded in 2010 by serial entrepreneur Israel Fraier. Agritask develops an agriculture management SaaS platform that integrates with existing hardware such as on-the-ground sensors and other data sources such as satellite imagery. Its customers are both small and large farmers, food producers and agricultural insurance companies. The platform, which has been successfully deployed in over 35 countries, combines data from multiple sources to offer farmers and agricultural insurers soil management and agricultural insights and can provide suggestions on how to optimize growth for more than 50 different crops. By leveraging information coming from both the field and the air, Agritask helps agri-food businesses manage the growing process in a more calculated and efficient manner. “Buyers are realizing that they need to work more closely with the farmers to solve many problems,” Arsira Thumaprudti, Head of Insurance Solutions at Agristask, told CTech in an interview. “They can make sure the farmers do the right things from a sustainability standpoint. This includes monitoring, pushing forward best practices, and of course reducing food waste from their site.” When Agritask was first founded it focused mainly on pest control, which is still a major issue today and a problem for which many of the company’s clients still use Agritask to help fight. “With the recent climate change disrupting the seasons, the pest control issues have changed as well,” Thumaprudti said. “Problems that farmers never had before, now become major issues. For example, some pests used to be restricted to certain areas, but due to climate change they are now thriving in areas they have not been before and causing a huge amount of food waste. In cases of highly invasive quarantine pests, a single infected fruit can cause entire crates to be rejected and thrown out.” Thumaprudti explained that Agritask does not believe that farmers should just ‘spray and pray’ to keep pests away, but rather use the most up to date data which Agritask provides to help them know how to most effectively fight pests, be more sustainable, and cut down on food waste. Taranis: Getting the most yield from your field While Agritask first focused on pest control, the original impetus for the establishment of Israeli agricultural intelligence company Taranis was weather prediction. Namely, could weather predictions help farmers better manage their fields (when to take different actions or not). The company shifted focus as they developed an innovative pod that could take ultra hi-resolution images from a plane of fields with amazing detail. “There is so much potential yield in fields around the world that is being lost due to different threats and field management issues,” Ido Peled, Chief Product and Marketing Officer at Taranis, told CTech in an interview. “Taranis was established to mitigate those losses.” Founded in 2015, Taranis operates fleets of drones and low-flying aerial vehicles capable of capturing ultra-high-resolution imagery mid-flight. Taranis’ artificial intelligence system analyzes these images and aggregates this data as well as data from satellite images to detect early signs of crop diseases, insect infestations, nutrient deficiencies, and other crop risk factors. Taranis’ system can cover an area of 400 dunams (400,000 square meters) in less than 20 minutes, according to the company. (Credit: Taranis Argentina) “For example,” Peled said, “if you planted say 30,000 seeds per acre and a couple weeks later you started to see the plants themselves, but how many could you actually spot with your naked eye? That’s where our technology comes in. Even early on in our development we could help farmers know if that planting was successful or not and if they should re-plant or not, if they should invest in certain areas of the field, etc. “In agriculture, timing is everything and you must be precise,” Peled said. “A week later in the season might be too late to re-plant and a week early is too early to start the actual counting. So, predicting and using different models to arrive at the right time and having the ability to start to count the entire field accurately using our technology is a big part of our company’s core advantage over our competitors. “We are not trying to replace the farmers or their traditional field management methods,” Peled stressed. “We are here to complement what they do.” Peled said that Taranis currently focuses its efforts on assisting sugarcane growing in Brazil and in the midwestern US, where they specialize in open field core crops: corn, soybeans and cotton. “Regarding food waste, there are two global trends that are occurring simultaneously which we must take into account,” Peled said. “First, the world’s population is only growing exponentially, which means you have more people to feed. At the same time, available farming land is decreasing in size due to urbanization. So, you must maximize your yield with your available farmland. So the big question and concern is will we be able to provide sufficient food (crops) to feed humans and animals.” According to Peled, up to 40% of a field is lost yield due to any number of circumstances (pests, weather conditions, etc. ), and Tranis seeks to increase the available yield. “We focus on the top line, not the bottom line,” Peled said. “We look at how the existing field can be more productive. We do this using artificial intelligence. AI is disrupting agriculture, which is a four trillion dollar industry. In order to know how we can increase the yield of the existing fields, we use AI and we have a better understanding of what needs to be done.” Related articles:

Finistere Ventures Investments

57 Investments

Finistere Ventures has made 57 investments. Their latest investment was in Biolumic as part of their Unattributed VC on March 3, 2022.

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Finistere Ventures Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

3/8/2022

Unattributed VC

Biolumic

$12.48M

No

1

3/2/2022

Unattributed VC

AgGenetics

$0.22M

Yes

1

11/3/2021

Series A - II

MarketDial

Yes

1

7/21/2021

Series A

Subscribe to see more

$99M

Subscribe to see more

10

5/20/2021

Series C

Subscribe to see more

$99M

Subscribe to see more

10

Date

3/8/2022

3/2/2022

11/3/2021

7/21/2021

5/20/2021

Round

Unattributed VC

Unattributed VC

Series A - II

Series A

Series C

Company

Biolumic

AgGenetics

MarketDial

Subscribe to see more

Subscribe to see more

Amount

$12.48M

$0.22M

$99M

$99M

New?

No

Yes

Yes

Subscribe to see more

Subscribe to see more

Co-Investors

Sources

1

1

1

10

10

Finistere Ventures Portfolio Exits

7 Portfolio Exits

Finistere Ventures has 7 portfolio exits. Their latest portfolio exit was Entech Smart Energies on October 04, 2021.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

10/4/2021

IPO

$99M

1

2/23/2017

Acquired - II

Subscribe to see more

Subscribe to see more

10

2/18/2016

Acquired

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Subscribe to see more

10

10/5/2015

Acquired

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$99M

Subscribe to see more

10

11/16/2010

Acquired

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$99M

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0

Date

10/4/2021

2/23/2017

2/18/2016

10/5/2015

11/16/2010

Exit

IPO

Acquired - II

Acquired

Acquired

Acquired

Companies

Subscribe to see more

Subscribe to see more

Subscribe to see more

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Valuation

$99M

$99M

$99M

Acquirer

Subscribe to see more

Subscribe to see more

Subscribe to see more

Subscribe to see more

Sources

1

10

10

10

0

Finistere Ventures Fund History

7 Fund Histories

Finistere Ventures has 7 funds, including Finistere II.

Closing Date

Fund

Fund Type

Status

Amount

Sources

1/30/2020

Finistere II

$150M

2

1/28/2020

Finistere Ventures III

$99M

10

9/6/2017

Finistere Ventures II

$99M

10

9/6/2017

Ireland AgTech Fund

$99M

10

2/17/2015

Finistere Ventures II Feeder Fund

$99M

10

Closing Date

1/30/2020

1/28/2020

9/6/2017

9/6/2017

2/17/2015

Fund

Finistere II

Finistere Ventures III

Finistere Ventures II

Ireland AgTech Fund

Finistere Ventures II Feeder Fund

Fund Type

Status

Amount

$150M

$99M

$99M

$99M

$99M

Sources

2

10

10

10

10

Finistere Ventures Team

4 Team Members

Finistere Ventures has 4 team members, including current Founder, Managing Partner, Spencer Maughan.

Name

Work History

Title

Status

Arama Kukutai

Founder

Current

Spencer Maughan

Founder, Managing Partner

Current

Adrian Percy

Chief Technology Officer

Former

Rob Ayling

Managing Director

Former

Name

Arama Kukutai

Spencer Maughan

Adrian Percy

Rob Ayling

Work History

Title

Founder

Founder, Managing Partner

Chief Technology Officer

Managing Director

Status

Current

Current

Former

Former

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