Vancouver-based pest control company SemiosBio Technologies Inc. has made its first acquisition, continuing its growth as one of the province’s most successful agritech startups.
Semios announced June 8 that it had acquired Altrac, a California-based developer of cellular control technology for agricultural equipment, including wind machines, pumps, and valves. Terms of the transaction were not disclosed.
The deal grew out of a partnership established last year that saw Semios pair its in-canopy climate sensors with Altrac’s frost fan automation devices to manage the risk of frost to crops.
“The acquisition of Altrac is a pivotal first step in Semios’ ambitious strategy to consolidate crop management solutions into one, easy-to-use platform,” Semios says in its announcement of the deal.
Semios funded the purchase with proceeds from US$75 million in private equity received last year in a funding round led by Morningside Group of Boston, a private equity and venture capital firm. The funding was designed to advance the development of data-driven crop management solutions.
Since its founding in 2010, Semios has raised more than US$115 million in funding. Speaking in 2019, founder and CEO Michael Gilbert attributed investor confidence to the company’s focus on being profitable.
Semios licenses its technology for $100 to $300 an acre per year to growers managing 500,000 acres, primarily in the western US.
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Farms retain tax status