2025年第三季度农业科技风险投资趋势

EMERGING TECH RESEARCH Agtech VC Trends VC activity across the agtech ecosystem Contents Agtech landscapeAgtech VC ecosystem market mapQuarterly analysisKey takeawaysVC activityAI themesConclusionsAgtech VC deal summary Institutional Research Group Analysis Alex FrederickLead Research Analyst, Agrifoodtechalex.frederick@pitchbook.com Ben RiccioAssociate Research Analystben.riccio@pitchbook.com Data Harrison WaldockData Analyst pbinstitutionalresearch@pitchbook.com Publishing Report designed byDrew SandersandJenna O’Malley Published on November 17, 2025 Agtechlandscape Agtech VC ecosystem market map Quarterly analysis Key takeaways •Agtech VC deployment stabilized at $1.3 billion in Q3, but deal counts were down 49.6% •Pre-seed/seed deals hit record lows: The pre-seed/seed stage has represented just 14% oftransactions YTD versus the historical average of 29%, reflecting investor risk aversion.•The YTD median agtech VC pre-money valuation rose to $17.4 million in Q3, up from $15 millionin 2024, driven by late-stage deals and selection bias from unreported down rounds.•YTD exits total just $155.8 million across 43 deals and are pacing to exceed the 2024 annualtotal of 44 exits by 30%.•Zero IPOs have occurred YTD; 86% of exits have had undisclosed valuations, indicatingwidespread down-round pricing.•Agtech robotics benefited from a broader robotics funding surge, attracting generalist investorsseeking AI and automation exposure. VC activity Overview Agricultural technology (agtech) VC activity remained constrained in Q3 2025, with $1.3 billiondeployed across 117 transactions, down 25.1% and 13.3% QoQ, respectively. While deal countshave continued their downward trajectory, deal values have remained remarkably consistent over QUARTERLY ANALYSIS The current flight-to-quality dynamic stems directly from muted exit conditions. Althoughaggregate exit activity shows signs of recovery, the rebound has been driven predominantly bysmaller M&A transactions insufficient to generate the kind of investor interest that fuels a healthyseed-stage investment environment. The year’s cumulative reported exit value through Q3 totals The median agtech VC deal size rose 32% to $4.2 million, reflecting later-stage emphasis. Venture-growth rounds—accounting for 15% of transactions YTD—had an $11.6 million median (up 34%). Top deals The quarter’s largest transaction was Laxey’s $182.7 million debt-and-equity financing for itsIcelandic land-based salmon aquaculture facility. Colossal Biosciences raised $120 million in a Median deal size and valuation The median agtech VC pre-money valuation rose to $17.4 million in Q3 2025, driven by capitalconcentration in late-stage companies. However, this increase warrants careful interpretation: Other notable deals included Aerospacelab’s $109.4 million raise for agricultural satellite imagingand BinSentry’s $70 million Series C for AI-powered feed monitoring. BinSentry has maintained Venture-growth rounds (Series E+) drove valuation expansion, with the stage’s median valuationreaching $194 million—up 343% from 2024. The late-stage VC median rose 12% to $29.4 million,the early-stage VC median climbed 18% to $8.2 million, and the pre-seed/seed median grew 10% Top early-stage transactions included Terrana Biosciences’ $50 million Series B for its RNAcrop protection platform, Orchard Robotics’ $22 million Series A for its computer-vision QUARTERLY ANALYSIS AI themes Exits AI in ag biotech Q3 recorded 13 VC-backed exits totaling $57.5 million—a 92.5% YoY decline in value despite thesame deal count. Through the first three quarters of 2025, 43 exits generated $155.8 million, down80.7% from $807 million in 2024, though deal count rose 43.3%. With 86% of exits featuringundisclosed valuations, the exit market is dominated by smaller, down-round transactions. The top AI presents substantial opportunities to compress development timelines and reduce cost structuresin agricultural biotechnology. Similar to AI-enabled drug discovery, emerging computational modelscan streamline wet-lab screening processes and identify novel targets or beneficial interventionsmore efficiently. Models trained on chemical structures and molecular properties enhance screening All 43 exits YTD have occurred through M&A or buyouts—there have been zero IPOs, comparedwith four worth $524 million in 2024. Acquisitions represented 88.4% of exits; buyouts, 11.6%. Multiple startups are commercializing AI applications in this domain. Terrana Biosciences isdeploying generative AI to optimize RNA sequences for crop applications, while BiomEdit utilizes In 2024 and 2025, strategic acquirers (such as John Deere, Yamaha Motor, CropX, and xFarmTechnologies) capitalized on cash-strapped companies exiting below previous valuations. Exit foundation models trained on over 10,000 ruminant microbiome profiles to identify feed additives QUARTERLY ANALYSIS AI-enabled development of bacteriophage antimicrobials