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Rantizo wins $20,000 at AgTech Innovation Competition

February 1, 2019

Iowa City-based startup Rantizo took home $20,000 on Wednesday after winning the AgTech Innovation Competition in Des Moines.

Founded by Michael Ott in 2018, Rantizo uses drone technology to spray crops, allowing farmers to more precisely deliver chemicals to their fields.

“People are beginning to see just how viable the Rantizo solution is for agrichemical spraying,” Ott said in the announcement. “Our drone sprayer is ‘moving from a toy to a tool’ and that’s definitely a win for us.”

This is the second year for the AgTech Innovation Competition and the first year Rantizo has competed.

Five ag tech startups were given five minutes to pitch their business to a panel of three judges. AgVend was awarded the Peoples’ Choice Award along with a $5,000 prize, while Rantizo took home the Grand Prize and $20,000.

In early 2018, Rantizo won the AgLaunch Startup Station Pitch Contest in Memphis, Tennessee and was one of four companies to participate in the 2018 fall cohort of the Iowa Startup Accelerator.

The company is currently doing trials locally and in Memphis with plans of having their product ready to sell in October 2019.

Rantizo will be presenting at 1 Million Cups Des Moines on February 6 and exhibiting their product at the AgriBusiness Showcase and Conference February 12 and 13.

Previous coverage

Rantizo is bringing drone technology to the ag industry –-Oct. 15, 2018

Rantizo: Precision drone spraying -April 11, 2018

Rantizo wins $20,000 at AgTech Innovation Competition | Clay & Milk

A central Iowa ag-tech accelerator has secured more backers and finally has a name. The Greater Des Moines Partnership first announced the accelerator last year, naming four initial investors. On Monday, the Partnership said the program will be called the "Iowa AgriTech Accelerator" and named three new investors. The new investors include Grinnell Mutual, Kent Corp. and Sukup Manufacturing, all Iowa companies. They join investors Deere & Co., Peoples Co., Farmers Mutual Hail Insurance Co. and DuPont Pioneer. Each investor has agreed to put up $100,000 for the first year of the accelerator. Startups entering the program will receive $40,000 in seed funding in exchange for 6 percent equity. Tej Dhawan, an angel investor and local startup mentor, is serving as interim director until the AgriTech Accelerator names a permanent leader. Dhawan held a similar role with the GIA before Brian Hemesath was named as managing director. As interim director, Dhawan said his main job includes hiring the accelerator's executive director, establishing a business structure and initial recruiting for the first cohort. The accelerator will place few filters, such as location and product, on the applicant pool, Dhawan said. "When you’re seeking innovation, innovation can come from every corner of the world so why restrict ourselves," he said. One area the the AgriTech Accelerator won't recruit from is biotech. For its first cohort, the AgriTech Accelerator will work out of the GIA's space in Des Moines' East Village, Dhawan said. A future, permanent home is still to be decided. The accelerator's program will host startups from mid-July through mid-October, ending with an event connected to the annual World Food Prize. The GIA, which the AgriTech Accelerator is based on, also ends with presentations at an industry event. The accelerator has also started lining up a mentor pool. The Iowa Corn Growers Association, Iowa Soybean Association and the Iowa Pork Producers Association have agreed to provide mentors, as has Iowa State University. While the AgriTech Accelerator is loosely based off of the GIA, it will differ in its business structure, Dhawan said. The GIA runs through a for-profit model for both operations and its investment fund. The AgriTech Accelerator will have a nonprofit model for its operations and a for-profit setup for its fund. Dhawan said the nonprofit model is being used so the accelerator can better work with other nonprofit partners, such as trade associations. "These are all organizations that are nonprofits and can be amazing stakeholders without ever having to be investors in the accelerator," he said. "It becomes easier to work with trade associations in their nonprofit role when we are also a nonprofit." When it's up and running, the AgriTech Accelerator would be one of a handful of ag-focused startup development programs in Iowa. Others include the Ag Startup Engine out of Iowa State University and the Rural Ventures Alliance from Iowa MicroLoan. Matthew Patane is the managing editor and co-founder of Clay & Milk. Send him an email at mpatane@clayandmilk.com.

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