Trace Genomics
Soil DNA testing lab now absorbed into Miraterra's soil measurement platform.
On the record
Checkpoint: Whether Miraterra shows named enterprise customer revenue growth post-acquisition
The call
Trace Genomics stopped being an independent company in July 2025, its lab and soil data now live inside Miraterra as the standalone soil-testing business model failed to sustain itself.
Trace Genomics tested soil to help farmers grow better crops by analyzing the microbes in their dirt. The company built a real lab, collected years of soil data, and had special methods, but farmers would not pay enough per test to keep the business running on its own. Bigger farm companies like Bayer already bought their way into this space instead of being blocked out, and other soil-testing startups merged with each other to survive, which showed the whole category was shrinking. What matters next is whether Miraterra can actually sell Trace's services to real farm companies and retailers over the next few years, or if it just gets absorbed into another deal.
Why
01
AI pressure: None apparent. AI reads and interprets soil lab results but cannot replace the wet-lab sequencing that generates the underlying data. Could AI do the core job? Only partly.
02
Bigger players: Bayer (via Leaps venture arm backing EarthOptics/Pattern Ag). Bayer already backs a merged rival soil-data platform, choosing a vehicle in this category while Trace itself got absorbed by Miraterra. Could a giant copy it? Yes, easily.
03
What protects it. A 50 to 100 terabyte proprietary soil microbiome dataset and patented lab methods now folded into Miraterra's platform.
What would change this call
Miraterra names specific enterprise customers or ag-retailer partners by end of 2026. Would show the merged soil-diagnostics platform can actually scale revenue post-acquisition.
A major ag-input incumbent (Corteva, Syngenta, Nutrien) takes a strategic stake or distribution deal with Miraterra. Would show incumbents are consolidating soil-diagnostics distribution rather than building it themselves.
Further M&A among Biome Makers, Continuum AG, or CropX within the next year. Would confirm the soil-diagnostics category cannot sustain many standalone players.
A major ag-input incumbent (Corteva, Syngenta, Nutrien) takes a strategic stake or distribution deal with Miraterra. Would show incumbents are consolidating soil-diagnostics distribution rather than building it themselves.
Further M&A among Biome Makers, Continuum AG, or CropX within the next year. Would confirm the soil-diagnostics category cannot sustain many standalone players.
Key numbers
- Acquired by Miraterra, July 2025, price undisclosed
- Raised roughly $48 to 60M across 10 rounds since 2015
- Miraterra closed CAD $16M financing, oversubscribed
Named risks
- Trace Genomics no longer exists as an independent company, fully absorbed into Miraterra since July 2025.
- Soil-diagnostics category consolidating rapidly, two mergers/acquisitions within 12 months signal unsustainable standalone economics.
- Interpretive/AI recommendation layer of soil analytics being commoditized industry-wide, eroding differentiation.
- Brand dilution risk as tracegenomics.com redirects into Miraterra site, name could be retired entirely.
Rivals, as read in July 2026
| Rival | Direction | Evidence |
|---|---|---|
| EarthOptics (merged with Pattern Ag) | losing to | EarthOptics merged with Pattern Ag Aug 2024, raised $24M with Bayer backing Nov 2024, while Trace sold to Miraterra Jul 2025 |
| Bayer (via Leaps venture arm) | losing to | Bayer's Leaps arm backed EarthOptics/Pattern Ag merger in Nov 2024 rather than investing in Trace Genomics |
| Corteva, Syngenta | contesting | Legacy ag-input incumbents maintain their own precision-ag data offerings, unaffected by Trace's acquisition |
Questions people ask
- Is Trace Genomics still an independent company?
- No. Trace Genomics was acquired by Miraterra in July 2025 after CEO Poornima Parameswaran said independent growth 'wasn't sustainable.' It now operates as 'Trace Genomics by Miraterra,' with its Ames, Iowa lab, IP, and products folded into Miraterra's platform as of July 2025.
- Who bought Trace Genomics and how much did they pay?
- Miraterra, a Vancouver-based ag-tech company, acquired Trace Genomics in July 2025 for an undisclosed amount, taking its IP, in-market soil tests, and its Ames, Iowa analytical lab, per a PR Newswire release dated 2025-07-07.
- Was Trace Genomics profitable before it was acquired?
- No confirmed profitability figures exist. Miraterra CEO Nate Kelly said post-acquisition that Trace was 'delivering some pretty significant revenue,' but no specific dollar figure was disclosed as of the July 2025 acquisition announcement.
- Who is Trace Genomics' biggest competitor?
- EarthOptics, which merged with Pattern Ag in August 2024 and raised $24M in November 2024 backed by Bayer's Leaps venture arm, S2G Ventures, and Rabo Ventures, forming a larger rival soil-intelligence platform than standalone Trace Genomics ever achieved.
- Could AI replace what Trace Genomics does?
- Not fully. AI can automate the interpretive layer turning lab results into fertilizer recommendations, but the underlying wet-lab DNA sequencing, physical soil sampling, and Trace's 50 to 100 terabyte proprietary microbiome dataset (acquired by Miraterra, July 2025) require physical infrastructure AI cannot replicate.
- How much funding did Trace Genomics raise before being acquired?
- Trace Genomics raised roughly $48 to 60 million across about 10 rounds since its 2016 seed round ($4M, led by Refactor Capital), including a $13M Series A in 2018 and a $10.5M Series B, per CB Insights data dated 2025-07-06, before its July 2025 acquisition by Miraterra.
Timeline
- 2026-03-25Miraterra closes oversubscribed CAD $16M round led by At One Ventures to scale platform
- 2025-07-09Miraterra CEO says Trace was 'delivering some pretty significant revenue' post-acquisition
- 2025-07-07Miraterra acquires Trace Genomics' tech, products, and Ames Iowa lab, price undisclosed
- 2024-11-19EarthOptics raises $24M including from Bayer's Leaps venture arm
- 2024-08-28EarthOptics and Pattern Ag merge to form combined soil-intelligence rival
- 2018Trace Genomics closes $13M Series A led by Stage 1 Ventures and AgFunder
- 2016Trace Genomics closes $4M seed round led by Refactor Capital
- 2015Trace Genomics founded, originally under name PathoGn/PythoGn
Revision history
25 July 2026
First assessed. Little protection left. The text above is fixed as of this date and is not edited afterwards.
In the same band
Sources
- Miraterra acquires soil DNA startup Trace Genomics (2025-07-09)
- Trace Genomics Stock Price, Funding, Valuation, Revenue & Financial Statements (2025-07-06)
- Miraterra acquires Trace Genomics technology and products (2025-07-07)
- Miraterra Soil raises $16 million in oversubscribed financing round (2026-03-25)
- Soil measurement company Miraterra bolts on Trace Genomics (2025-07-09)
- Revenue, Competitors, Alternatives
- EarthOptics, Pattern Ag Merge to Digitize Soil Health (2024-08-28)
- EarthOptics Secures $24 Million in Financing (2024-11-19)
- Products, Competitors, Financials, Employees, Headquarters Locations (2026-03-24)
- Trace Genomics 2026 Company Profile
- Unlocking measurement of Soil, Plants, and Food
- Contact Details and Business Profile