Groundwork
Series A · 2026
Series A · 2026

Soil carbon,
measured for real

Groundwork replaces soil-carbon guesswork with probe hardware + satellite fusion — MRV that buyers, insurers and regulators all accept.

1.1M
acres monitored
$2.4M
ARR
$11M
raising
01 / 20
The problem

The soil-carbon market stalled at the same question every time — “prove it.”

Model-only estimates carry ±40% error. Buyers discount, farmers walk, and the largest carbon sink on land goes unpaid.

02 / 20
Why now
±4%

Groundwork’s measured uncertainty vs ±40% for model-only MRV — verified across 214 fields by an independent registry audit (2025). Precision is the product.

03 / 20
Product

Probes in the ground. Truth in the ledger.

01
90cm smart probes
Continuous carbon, moisture and bulk density — not annual core samples.
02
Satellite fusion
30 probes calibrate 10,000 acres of imagery per farm.
03
Registry-ready
One-click evidence packages for Verra, Isometric and EU CRCF.
[ PHOTO — probe install at dawn ]
04 / 20
How it works
STEP 01
Install
30 probes/farm, one afternoon.
→
STEP 02
Fuse
Probe truth calibrates satellite reads.
→
STEP 03
Verify
Registry evidence, audit-grade.
→
STEP 04
Pay
Farmers paid on measurement, not models.
05 / 20
Traction
01
1.1M
acres under measurement
02
$2.4M
ARR
03
9
credit buyers integrated
04
96%
farm renewal rate

Two of the five largest US grain buyers now require Groundwork MRV in their regenerative programs.

06 / 20
Growth

Acres under measurement, trailing 8 quarters

Q3 ’24Q4Q1 ’25Q2Q3Q4Q1 ’26Q2
07 / 20
Unit economics

Per 10,000-acre program

LineYear 1Year 2+
Hardware (30 probes)$21k$3k
MRV subscription$18k$18k
Gross margin44%79%
Registry fees passed through100%100%
ACV$39k$21k
08 / 20
Market · McKinsey carbon markets 2025

Ag MRV: the $6B toll booth on a $50B credit market

0100%
12%
36%
52%
SOM — US row-crop programs 12%
SAM — global soil MRV 36%
TAM — all ag climate verification 52%
09 / 20
Competition
Groundwork
Model-only MRV
Lab core sampling
Satellite-only
Measurement rigor → ↑ Cost per acre
10 / 20
Moat
01
01

Ground-truth corpus

38M probe-hours across 11 soil types — the calibration set rivals can’t buy.

02
02

Registry standing

Named MRV provider in 3 registry methodologies.

03
03

Buyer pull

Grain buyers mandate us; farmers don’t shop for MRV twice.

11 / 20
Programs

Buyers and co-ops measuring with us

10 partners
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[ logo 02 ]
[ logo 03 ]
[ logo 04 ]
[ logo 05 ]
[ logo 06 ]
[ logo 07 ]
[ logo 08 ]
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[ logo 10 ]
12 / 20
“
Farmer proof

“First year anyone paid me on what my dirt actually did instead of what a model guessed it might. The check was 2.3× the old program.”

Wade Hutchins
4,800 acres, corn-soy rotation — Iowa
13 / 20
Business model

Revenue mix, TTM

01
MRV subscriptions58%
02
Probe hardware27%
03
Verification services15%
14 / 20
plan
The plan

Become the reference measurement

Carbon markets consolidate on whoever the auditors trust. That position is being decided in the next two years.

15 / 20
Roadmap
Now
1.1M → 3M acres
Buyer-mandated programs in 9 states.
H1 2027
EU CRCF entry
Two pilot programs, France + Poland.
H2 2027
Insurance product
Yield-risk data as a second revenue line.
2028
Methane module
Same probes, rice + livestock markets.
16 / 20
Team
[ photo ]
Dr. Elena Ruiz
CEO — soil biogeochemist, ex-USDA ARS
[ photo ]
Tom Nakamura
CTO — ex-Planet Labs fusion
[ photo ]
Beth Okafor
Registry — wrote 2 Verra methodologies
[ photo ]
Cal Jensen
Farmer network — 5th-gen grower
17 / 20
Financial plan

ARR with this round

$13M
ARR exiting 2028
25
50
75
100
$1.7M
$2.4M
$3.7M
$5.8M
$8.6M
$13M
H1 ’26H2 ’26H1 ’27H2 ’27H1 ’28H2 ’28
18 / 20
Use of funds

Where the $11M goes

Raise
Probe manufacturing
Fusion R&D
Program ops
EU entry
Buffer
sources uses ending
19 / 20
Groundwork

Pay dirt, proven.

elena@groundwork.ag · groundwork.ag
[ QR ]
20 / 20