Gevo Inc. has purchased Cultivate Agricultural Intelligence LLC (CultivateAI) for $6 million in cash, with the potential for additional earn-out payments for the sellers. CultivateAI will be integrated into Gevo’s wholly owned subsidiary, Verity, to enhance its business development and growth. The acquisition targets expected 2024 revenues of $1.7 million for CultivateAI, which is already generating positive cash flow. The company offers agricultural data to clients through its software as a service (SaaS) platform, reported Biomass Magazine.
Gevo plans to merge CultivateAI’s digital agriculture data and analytics capabilities with Verity’s carbon accounting and tracking solutions, aiming to deliver top-notch, data-driven solutions for carbon reduction across food, feed, fuels, and industrial markets. This integration will also assist farmers in enhancing their operations, sustainability, and profitability. CultivateAI’s cloud-based mobile platform enables farm operators, agronomists, ag-service providers, and researchers to make informed decisions using real-time analytics.
“Integrating CultivateAI and its innovative approach into Verity will enable us to increase revenue by offering the most comprehensive set of data-driven analytics services to farmers, agronomists, and researchers,” stated Dr. Paul Bloom, Head of Verity and Chief Carbon Officer at Gevo. “This acquisition accelerates our development and enhances the value we provide to our customers.”
To read more about Biomass Industry News, continue reading BioEnergyTimes.com
