2. $76 Billion Marketplace
Drone Agriculture Expenditure Over The Next 10 Years (AUVSI)
33% of all US water usage is irrigation
Farms spend $3B on water, golf spends $1.3B
50M acres of manicured grass in the US
20% of all Ag
US Golf Spends over $1B in Chemicals
$11B/yr in total US agrochem sales
$76 Billion Marketplace
Drone Agriculture Expenditure Over The Next 10 Years (AUVSI)
justin@greensightag.com 2
3. $20K Paid Demos
for Top Golf
Portfolio Corps
$100k Signed Deal
with Ag Giant for
AgTrial Monitoring
2016 Golf Course
Pilots (~20
courses)
2015 Dec 2015
$500k Signed Deal
with Confidential
Tech Firm
Feb 2016 July 2016
Market Traction
Agrochem
Trials
Turfgrass
(Golf)
Turfgrass
(Golf)
Over $635k revenue booked for 2016
justin@greensightag.com 3
4. Technology Vision: The Drone 2.0 Platform
Persistent, Automated Detection
Of Changing Conditions
Onsite, Unattended
Launch, Flight, Recharge
Military Grade, Proprietary
Sensors
Cloud Processing, Change
Alerts, Centralized control
justin@greensightag.com 4
5. Expansion Strategy
GENERAL AG - $18B
OIL AND GAS - $15B INFRASTRUCTURE - $85B
SECURITY - $30B
HIGH VALUE AG - $3.5B
Agriculture is $18B Market
Provides access to $100B+ Market
GOLF/CHEMICAL - $2.5B
justin@greensightag.com 5
6. Launch Vertical: Agrochemical Monitoring
How It Works
1. Proprietary Drones
Patented-Pending Sensors
2. Daily Automated Flights 3. Multi-spectral Imaging and Analysis
4. Actionable Alerts
SMS, email, dashboard
justin@greensightag.com 6
8. Launch Customer: Golf Courses
$1.5B Customer Base, Ready to Buy
We are the leading golf drone company
Targeted chemical
application saves
$25k/yr
Irrigation optimization
saves $15k-100k/yr
Early identification of
fungal outbreak on green
could save $1M
Optimizing labor
maximizes turf quality
within existing budget
justin@greensightag.com 8
9. Launch Customer: Agrochem Co/Distributors
$1B Customer Base: Looking for new edge
Improved Inventory
Management
Predictive
delivery and
improved
logistics
Streamlined order
process, wholesale/retail
Reduced trail
duplication and cost
Unprecedented Big Data on crop
stress, infection, weather for R&D
justin@greensightag.com 9
10. Drone-As-a-Service (DaaS)
Self-Service (Golf Courses)
ProprietaryHardware/Setup: $1,000perdrone
Software/AnalyticsSubscription: $2,000permonth
Full Service (Agrochemical)
AgrochemTrial ~$10,000permonth
MarketingPlatformIntegration TBD
justin@greensightag.com 10
11. GreenSight Founders
James Peverill – CEO
Led $2M white board-to-Afghanistan drone development for US Air Force
Former Lead of Small Unmanned Systems Group at Aurora Flight Sciences
World class expertise in rapid development of drone products
MS Computer Eng. Boston Univ., BSME Brown Univ.
Justin McClellan – CMO
Marketing, BD, and Technology Commercialization lead for R&D Business Unit
Expert in technology strategy and marketing, published financial engineer
Led $3M Reconnaissance Satellite R&D Program for DARPA
MBA and BS Aerospace Eng. Boston Univ.
Joel Pedlikin – COO
VP Engineering | GM of R&D leading 50+ Aerospace Engineers
Developed PacAstro Rocket Engine
Services Startup Founder
MBA Babson, MS Aeronautics CalTech, BSME Brown
Tight knit team with 14 years working together in Aerospace
justin@greensightag.com 11
12. GreenSight Key Employees
John Kaminski, PhD – CAO
Director Golf Course Turfgrass Management Program @ Penn State
The leading turf grass pathologist and #1 golf industry social media guru
MS Agronomy, PhD Natural Resource Science Univ. Maryland,
BS Turfgrass Science Penn. State
Dave Strickler – CTO
Founded MailWise, spam filtering company, and exited for 22x total funding
Multiple CEO and CTO roles at successful startups
Background cloud software and fault tolerant analytics
Computer Engineering Boston Univ.
Rob Knochenhauer – Director Flight Operations
15 yrs Experience Operating Robots on Land, Sea, & Air
Robotic Systems Engineer at Aurora Flight Sciences, PM at QinetiQ
Certified Drone Operator and Aircraft Mechanic
BS Electromechanical Engineering, MS Mechanical Engineering
Strategic hires in key areas added to the team
justin@greensightag.com 12
Our team has a combined 35 years in aerospace product development. We are leveraging our experience to build a drone based commercial data platform, and have already booked $600k in revenue in 2016.
I think you need a market number for drones and then have the other items load afterwards. Photo could be a sunnier image
No “crop” requires more time and labor per acre than golf turf. Golf courses uses on average 10x as much water and 3-4x as much chemicals as any other agricultural application per acre.
Ag chemical companies spend billions on R&D, much of it ion field trials, to develop new products across many crops to earn over $32B in revenue. Seeds and fertilizer are similarly sized markets that also require huge R&D expenses.
Irrigation is the largest consumer of water in the US. In addition to paying billions for much of this water, farmers, golf courses, and citizens pay billions for power to pump this water through their irrigation systems.
We have a progressive expansion strategy which starts with dominating the golf industry and agrochemical trials markets in which we are currently the only drone company. We plan to leverage our relationships and IP generated in the agrochemical market to enter the high value crop segments of agriculture next. We are already executing this strategy, selling $20k in paid pilot demo’s to golf course organizations in 2015, signing a $100k ag trials pilot with Syngenta in late 2015. For 2016 we have already signed up a demo contract with google for $500k this month, and are rapidly filling up our July golf course pilot.
Bring Military Grade Autonomy and Sensors to Commercial Drone space At Disruptive Price Point
Current commercial drones are manual - we develop systems that need no intervention (for warefighter) so they can fly every day
Our sensors can detect enemy soldires, IEDs, etc. We are going to apply them to commercial problems such as agriculture.
All underpinned by automated data processing.
We have come up with a strategy to start with the market that has the biggest problem first.
The technology needs to gain a foothold in the market where the business closes, and then move into additional markets as costs go down and the value proposition is more secure.
We are focusing on the turfgrass market first, particularly in golf, a 2.8B market that we can make fast inroads into and dominate quickly. We see it as a lucrative early adopters market and I’ll explain in more detail why next. Turfgrass is one of the largest agricultural crops in the world and covers about 20% of US agricultural land. Beyond turfgrass, we have a plan to diversify into the highest value ag crops first that have the combination of high dollar per acre, risk profile and high input costs. Examples are vineyards, cotton, citrus and tobacco. As our traction grows and we drive our cost point lower, we can expand further and deliver value in every segment of commercial ag from small farms to industrial. With a standard, low cost hardware platform, scaling to new markets is as simple as creating new software analytics. By focusing on the lucrative early adopter market, we can accelerate adoption far quicker than competing general-AG-focused companies
Commercial Drone Market is...infinite
To dominate these markets the drone needs our autonomy, our advanced payload, automated processing
Security $5B estimate based on $74B spending on prisions alone
Infrastructure $85B, inspection
Agriculture $18B
Oil and Gas : estimate based on leak detection and safety
Our custom sensor is tuned to light signatures of common pests for different crops. We integrated a thermal sensor and are developing proprietary algorithms to remotely sense soil moisture.
Our system has no pilot. The system takes off automatically, images the area on its own, lands itself and is recharged. Imagery is downloaded wirelessly and processed off board. The system is ready to fly again. We are leveraging our background in military drone systems to develop a camera guided landing system.
Because it is automatic we can fly every day, controlling exactly how often and at what times we fly. We can pick the best time of day detect what we are looking for, and by analyzing daily changes we can reject false positives and detect issues before they are visible. Our low price point and automation technology are the disruptive aspects that enable delivering real value.
Our team has 10 years of experience building low cost optimized drone products. I worked for two years in grad school on our camera system. We are at a truly disruptive price point, our cost to image an acre of land is only about 6 cents, which is more than 1000 times less than any competing technology. It will only get cheaper as our installed base grows.
We all know about precision agriculture: optimize ag by using data to make targeted management decisions. It is proven that significant amounts of money can be saved and yields can be increased. GPS guided equipment could allow precision farming, but they lack the information. Our technology makes precision agriculture work.
Dominating the golf industry and agrochemical trials markets
We are only drone company.
Leverage relationships and IP generated -> expand into high value crop segments of agriculture next
Executing this now, conducted $20k in paid pilot demo’s 2015
$100k ag trials pilot with Syngenta
2016 contract with google for $500k -> fly radio tech – airspace integration
Rapidly filling up our July golf course pilot.
We conducted deep dives into wine-grapes, orchards, small farms, large farms, security, infrastructure.
The golf customers wanted to buy our product NOW. It was clear they were early adopters.
1. Strongest customer need - Golf uses 10x more water and chemicals than any other agriculture. In all of ag cost increases are hitting them the hardest both in financial and public relation terms. We can save a golf course $700/acre annually and they can also project to the public that they are cutting their chemical usage.
2. There is significant value proposition beyond just savings here – Superintendents want to improve turf quality and appearance while reducing costs and detecting problems before they become expensive disasters.
3. There is no drone competition in this market yet – Other companies with their broader, less focused approach have skipped over this market. We are already considered the leading company in this segment and we just gotten into it.
4. We are seeing overwhelming customer response. 90% of the superintendents we talk to want to sign up for the service immediately. Courses are paying $2000 for a demo of our prototype. We did $10k in sales so far and have about $20k backed up.
5. The golf market is unique in that almost all sales are done face to face. We are building a network of distributors to sell and market the product. This characteristic makes it is extremely difficult to upset incumbents once you have an established distributor network.
Golf is a huge part of the turf industry, they invest in technology readily and once value is proven we can expand into the entire global turf market.
We conducted deep dives into wine-grapes, orchards, small farms, large farms, security, infrastructure.
The golf customers wanted to buy our product NOW. It was clear they were early adopters.
1. Strongest customer need - Golf uses 10x more water and chemicals than any other agriculture. In all of ag cost increases are hitting them the hardest both in financial and public relation terms. We can save a golf course $700/acre annually and they can also project to the public that they are cutting their chemical usage.
2. There is significant value proposition beyond just savings here – Superintendents want to improve turf quality and appearance while reducing costs and detecting problems before they become expensive disasters.
3. There is no drone competition in this market yet – Other companies with their broader, less focused approach have skipped over this market. We are already considered the leading company in this segment and we just gotten into it.
4. We are seeing overwhelming customer response. 90% of the superintendents we talk to want to sign up for the service immediately. Courses are paying $2000 for a demo of our prototype. We did $10k in sales so far and have about $20k backed up.
5. The golf market is unique in that almost all sales are done face to face. We are building a network of distributors to sell and market the product. This characteristic makes it is extremely difficult to upset incumbents once you have an established distributor network.
Golf is a huge part of the turf industry, they invest in technology readily and once value is proven we can expand into the entire global turf market.
TEAM - Top drone and Autonomy Team
10 Years Experience at Aurora, Leading Autonomy and Drone Company
Dave: Founder & CEO/CTO
MailWise, LLC
• Software used by over 120,000 people and processed 12 million emails each day
• Ran over 80 fault-tolerant and load balanced web, SQL, email, filtering, and caching servers
• Sold MailWise to j2 Global for 22x total funding; less than seven years after inception
Up until now we have been bootstrapping our market and technology risk reduction strategy, building out our prototype product and conducting paid surveys with customers.
Our $2M seed will get us to a beta system pilot in spring of 2016. We foresee raising a Series A in Year 2 to enable us to rapidly launch the service and fuel our market expansion into turfgrass and high value agriculture.
We project the company will be profitable in Year 3, with $15M in revenue. By year five, we project $65M in revenue. Based on comparable valuations, we expect an exit over $150M with a sale to a large agribusiness segment company, or large tech company interested in drone market growth or big data. We are already in talks with a variety of large corporations who could be potential buyers.
