Gevo Acquires Cultivate Agricultural Intelligence for 6 Million Dollars

Business Strategy Gevo Acquires Cultivate Agricultural Intelligence for 6 Million Dollars

2024-10-01 Source: Press release Gevo 2 min Reading Time

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Gevo has taken over Cultivate Agricultural Intelligence with an aim to combine Cultivate AI’s digital agriculture data and analytics platform with Verity’s carbon accounting and tracking solutions. This move will help Verity to provide the highest quality data-driven solutions for carbon abatement in food, feed, fuels, and industrial markets.

Gevo has acquired Cultivate Agricultural Intelligence (Cultivate AI) for 6 million dollars in cash.(Source: Pixabay) — Gevo has acquired Cultivate Agricultural Intelligence (Cultivate AI) for 6 million dollars in cash.
(Source: Pixabay)

Colorado/USA – Gevo has acquired Cultivate Agricultural Intelligence (Cultivate AI) for 6 million dollars in cash, with the opportunity for the sellers to receive additional earn-out payments. Gevo will fold Cultivate AI into its wholly owned Verity subsidiary to accelerate Verity’s business development and growth. Cultivate AI is a proven business with expected 2024 revenue of 1.7 million dollars and corresponding positive cash flow. Cultivate AI provides agricultural data to clients through a software as a service (SaaS) platform.

Gevo expects to combine Cultivate AI’s digital agriculture data and analytics platform with Verity’s carbon accounting and tracking solutions to provide the highest quality data-driven solutions for carbon abatement in food, feed, fuels, and industrial markets, while simultaneously helping farmers improve their operations, sustainability, and profitability. Cultivate AI’s SaaS platform is a cloud-based, mobile platform that helps farm operators, agronomists, ag-service providers, and researchers make informed, data-driven decisions with real-time analytics.

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“Adding Cultivate AI and its inventive approach to Verity will help us grow revenue by providing the most complete set of data-driven analytics services to farmers, agronomists, and researchers,” said Dr. Paul Bloom, Head of Verity and Chief Carbon Officer of Gevo. “With this acquisition, Verity is speeding up our development and increasing the value we will deliver to our customers.”

Verity is at the forefront of creating the ability to track, verify, and empirically value carbon intensity across the full carbon lifecycle. By adding the tools and existing business from Cultivate AI, Verity will benefit from the addition of clients outside the biofuel segment as well as additional revenue streams.

“We are constantly looking for this kind of development that delivers new streams of untapped revenue to the company,” said Dr. Pat Gruber, CEO of Gevo. “As we accelerate development of Verity, we expect to see these customer relationships and revenue opportunities grow as customers seek out new products and services that help them understand their businesses better. These new business elements support our mission of growing an efficient circular economy, and delivering shareholder returns by adding scalable revenue opportunities now.”

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