Terva, Smart Ag among nine startups receiving funding from IEDA

Colin Hurd (right) talks with farmers during a demo day in Ames for Smart Ag. Hurd and the Smart Ag team displayed their technology that automates agriculture machinery.

Nine startups—including two from Ames—received funding Friday morning from the Iowa Economic Development Authority, according to a news release.

Ames-based AgTech startups Terva and Smart Ag each received $100,000 in funding, according to the release.

Smart Ag—which designed a product to automate agricultural machinery—received a $100,000 loan from the Demonstration fund for equipment, key personnel, market entry activities and product refinement.

Terva—an online marketplace for landowners and farmland professionals—received a $100,000 loan from the Demonstration Fund for market planning and market entry activities.

The other startups receiving funding were:

  • Corn Oil One
  • Ag Manufacturing & Technology
  • Stover Ventures LLC
  • FarrPro Inc.
  • TreePans.com Inc.
  • ExpressSeed LLC
  • Structurely

According to the release, the Demonstration Fund provides financial and technical assistance to encourage high-technology prototype and concept development activities that have clear potential to lead to commercially viable products or services with a reasonable period of time.

The fund provides financial assistance to small and medium-sized companies in the advanced manufacturing, biosciences and information technology industries. The primary purpose of the fund is to help businesses with a high-growth potential reach a position where they are able to attract later-stage, private sector funding.

Both Terva and Smart Ag received a $2,000 award Thursday during the Pappajohn Iowa Entrepreneurial Venture Competition.

To view a list of all the companies receiving funding Friday from the Iowa Economic Development Authority, click here.