binarypublish- Startup Boomitra is operating a marketplace that compensates farmers for adopting sustainable soil practices that increase carbon sequestration.
- The California-based tech firm uses satellite technology and Artificial Intelligence (AI) to monitor the raised carbon levels in the soil of farms using regenerative techniques.
- Carbon sequestration is seen as a low-cost method of reducing carbon dioxide levels in the atmosphere, potentially removing up to five gigatonnes of CO2 annually by 2050.
Aboomitra, a San Mateo-based agtech start-up, is pioneering a unique business model that aims to address the devastating impacts of climate change on farmers while also contributing to carbon sequestration efforts. The company has developed what it refers to as an international soil carbon marketplace and has partnered with over 150,000 farmers and ranchers across Africa, South America, and Asia.
The premise of this initiative is to encourage farmers to adopt regenerative land practices that can enhance soil health and facilitate the process of capturing and storing carbon from the atmosphere, known as carbon sequestration. As farmers adopt these practices, Boomitra uses advanced satellite technology and artificial intelligence (AI) to monitor the increased carbon levels in their soil. These increases are then verified by third parties, and the resulting carbon removal credits can be purchased by companies and governments aiming to offset their carbon emissions.
Experts hold that carbon sequestration in soils can offer one of the most cost-effective methods of reducing carbon dioxide in the environment. The Intergovernmental Panel on Climate Change (IPCC) states that practices that store carbon in the soil could cost as little as $0 to $100 per ton and could potentially subtract between two and five gigatonnes of carbon dioxide from the atmosphere a year by 2050.
This innovative approach has attracted significant funding for Boomitra, which has received $6 million in seed investment from companies including Chevron Technology Ventures and SVG Ventures-Thrive. Right now, the projects are in the process of getting third-party certified, and once verification is complete, financing will be provided to the farmers and ranchers.
While it’s still early days for the startup, its mission to support farmers while leveraging technology to combat climate change is resonating with investors and could represent a significant step in global carbon reduction efforts.
