Deere Stock Fall After Leading a $16 Million Fundraising Round for Agritech Company, Innerplant.
Deere Stock (NYSE:DE)
Deere stock declined after the company announced to lead a $16 million funding round in agritech company InnerPlant.
According to an announcement, the agricultural equipment manufacturer Deere & Company (NYSE:DE) led a series A fundraising round in the startup company InnerPlant, which is developing technology to provide farmers early warnings about the health of their crops.
In 2018, InnerPlant, which has its headquarters in Davis, California, started its work on developing genetically altered plants capable of signaling when they are under stress. One of these signs can be a need for water, a pesticide, or fertilizer.
According to the website of InnerPlant, These signals are gathered by satellites to give large-scale inexpensive next-gen reconnaissance capabilities. [Citation needed] By scanning each factory and responding depending on the specific requirements of each plant, Deere & Company (NYSE:DE) equipment successfully completes the chain.
Deere & Company (NYSE:DE) has made investments in the production of agricultural equipment that is more technologically sophisticated. The innovations include tractors that can drive themselves and a technology called See & Spray that can differentiate between crops and weeds to administer the appropriate amount of herbicide.
Along with Bee Partners and UpWest, MS&AD Ventures participated in the most recent round of funding. Last year, MS&AD Ventures led a seed round worth $5.65 million.
Shely Aronov, co-founder, and CEO of Innerplant, was quoted in a statement released on September 19 as saying, There is still a lot of work to do as we gear up for the soft launch of our InnerSoy product in 2024, and but todays announcement is a critical milestone, and were grateful to all of our investors, partners, and farmers whove joined us on this journey.
In contrast to the decrease of 19% seen in the S&P 500 Stock Index so far this year, Deere stock has had its share price increase by 1.8% this year, reaching $356.49 as of the morning of September 20. (SP500).
Luca Socci, who contributes to Seeking Alpha, has a Hold recommendation on Deere stock because of the firms current value. A Buy recommendation has been issued by columnist Leo Nelissen for Deere stock due to increasing demand and fewer supply chain difficulties.
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Author: Shariq Khan
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