The funding round was led by TSP Ventures, with participation from Kero Development Partners, Green Angel Ventures, Moorhampton Investments Limited, Climate.vc and Generation-RE Holdings as well as angel investors and existing shareholders. The round is also supported by Innovate UK, which will add an additional £625k of non-dilutive funding on top of the raise.

PES Technologies has developed a product that provides industry-leading, biology-based soil health information in-field in 5 minutes. The product is built around PES’ unique VOC-sensing (or “smell-based”) technology that, with one test, provides the multiple biological, chemical, and physical indicators agronomists use for soil health assessments.

Soil is a finite and non-renewable resource that should be teeming with life, especially microbial life –without it, soil is not soil, but just dust. Unfortunately, a significant amount of our world’s soils are degraded or heavily degraded, and the cost of land degradation has been estimated to be $231B per annum globally. Moreover, soil in poor health produces less food and is less resilient to climatic extremes, making it more prone to flooding and drought.

While governments, industry and farm businesses worldwide are increasingly looking to protect soils’ health, a lack of good-quality, affordable testing for soil biology has hampered their efforts and hindered the uptake of environmentally sustainable farming practices. PES solves this testing problem by using its unique technology to detect smells produced by microbial life in soil and link it to known soil health indicators with its affordable and easy-to-use product.

Andrej Porovic, CEO and co-Founder of PES Technologies, said, “This funding builds on the successful commercial trials PES carried out with large agronomy companies and farm businesses in 2022. It enables PES Technologies to complete product development, power product launch in 2024 and hire the key commercial and administrative staff needed to turn our potential into a commercial success story.”

Chris Smith, CEO of TSP Ventures, said “We are delighted to be joining the PES Technologies team as they bring their pioneering product to market. By enabling faster, cheaper, more convenient and more informed soil testing, PES will be a driving force behind sustainable agriculture and improving global soil health. We look forward to supporting this multi-talented team in any way we can to swiftly grow the business.”

For more information about PES Technologies, visit: www.pestechnologies.com/