(Bloomberg) — Bayer AG and Planet Labs PBC are expanding their partnership in an effort to bolster sustainable agriculture.
Planet is providing Bayer with increased access to its Fusion and SkySat data sets, which are obtained from satellites.
The two companies will also work together as partners to accelerate innovation and solve problems in agriculture, Kevin Weil, Planet’s president of product and business, said in an interview.
As Russia’s invasion of Ukraine has stoked fears of food shortages, Weil said it’s more important than ever to focus on improving the way we grow food, he said.
The partnership aims to help Bayer optimize seed production, enhance supply chain efficiency, and understand historical crop data and performance.
“It’s critical that we learn how to grow food more efficiently, that we catch issues before they happen, that we learn how to grow food more sustainably,” Weil said.
Planet shares tumbled more than 10% after regular market trading Tuesday after it reported a net loss of $44 million in its fiscal first quarter, worse than analysts estimated.
Its revenue in the three months ended April 30 increased by 26% from a year earlier to $40 million, and the company said in a statement it expects that to reach $41 million to $43 million next quarter.
Planet, founded in 2010 by three NASA scientists, provides data, insights and software services to more than 800 clients in industries including agriculture and forestry, as well as for government agencies.
(Updates with Planet Labs earnings in fifth paragraph)
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