Key Partners
- Climate Action Reserve — issues the credits under its Soil Enrichment Protocol; Indigo's credits were the first sustainable-agriculture credits with the ICVCM CCP label (FACT).
- Microsoft — three purchases, the latest a 12-year, 2.85M-credit agreement (FACT).
- Flagship Pioneering — founder and lead investor; Dean Banks became CEO and Flagship CEO-partner on Feb 1, 2024 (FACT).
- Ag Data Transparent — Indigo is a founding partner of Ag Carbon Transparent, launched Mar 2026, which reviews carbon contracts against published principles (FACT).
- Verifiers, soil-sampling vendors and academic partners — a 2023 Geoderma paper validated its soil-carbon models (FACT).
Key Activities
- Microbe discovery and product development — about 25 products already across five crops (FACT).
- Field trials — a public trial map shows results including honest challenge areas (FACT).
- Annual carbon cycle — enrollment, data, sampling, verification, issuance, sale, farmer payment; five U.S. crops issued so far (FACT).
- dMRV upgrades — faster agronomic data entry, better remote-sensing checks and a buyer data portal with an AI chatbot, announced Feb 2026 (FACT).
- Restructuring — two business units (Biological Products, Sustainability Solutions) and exiting non-core businesses since May 2024 (FACT).
Key Resources
- Microbe library and about 25 biotrinsic products (FACT).
- Carbon dataset — 8M+ acres enrolled in 28 states since 2018 and five issuances (FACT).
- Credits in hand — 927,296 issued from CAR1459 as of Jan 2026 and 1.1M more in the fifth crop (FACT).
- Brand and standards credibility — first CCP-labelled ag soil credits from the Reserve (FACT).
- Capital — $250M+ raised Sep 2023; balance sheet not published (FACT).
Value Propositions
- Biological yield protection — products aimed at disease, nematodes, drought, heat and nutrient uptake (FACT).
- Extra farm income — payments after credits are sold, no vesting for credits generated from 2026 (FACT).
- Independence — not tied to government programs and not required to buy Indigo inputs (FACT).
- Inspectable credits — registry-issued under the Soil Enrichment Protocol, CCP-labelled (FACT).
- Co-benefits — Indigo cites water conservation and crop resilience alongside carbon (FACT).
Customer Relationships
- Farmer onboarding — digital enrollment, with new upgrades to cut data-entry time (FACT).
- Local agronomy contacts — product buyers are directed to a regional Indigo contact or retailer (FACT).
- Contract terms — payment is contingent on credits being issued, sold and paid for by a buyer; not guaranteed (SECONDARY, from contract summary).
- Corporate buyers — three Microsoft deals and a buyer data portal (FACT).
- Public accountability — transparency pledge and an outside contract review (FACT).
Channels
- Retailers and regional reps for biotrinsic (FACT).
- Direct seed-box application with CLIPS and other on-farm methods (FACT).
- Online enrollment and farmer help center for carbon (FACT).
- Corporate sales for credits and supply-chain programs (FACT).
- Brazil and Argentina — Source program with about 16,000 hectares in the first cycle (FACT).
Customer Segments
- U.S. row-crop farmers — corn, soybeans, wheat, cotton and more, at least 150 acres for carbon (FACT).
- Brazilian and Argentine growers — biologicals and Source program (FACT).
- Corporate carbon buyers — Microsoft is the named buyer (FACT).
- Food and agribusiness companies funding practice change in their supply chains (FACT).
- Tenants and landowners are both eligible; land ownership is not required (SECONDARY).
Cost Structure
- R&D and trials — microbe discovery, formulation and a global trial map (FACT).
- Measurement and verification — sampling, remote sensing, third-party verifiers and registry fees (INFERENCE from the program design).
- Farmer payments — the majority of credit revenue, paid on a vesting schedule for older credits (FACT / SECONDARY).
- Buffer holdback — about 20% of measured gains reserved against reversals (SECONDARY).
- Overhead and restructuring — three layoff rounds before May 2024 (SECONDARY); no dollar figures published.
Revenue Streams
- Credit sales — Microsoft 2.85M credits over 12 years; price not published (FACT).
- Biotrinsic product sales — about 25 products; revenue share not published (FACT).
- Growth signals — net revenue +40% in 2022 and +90% in the first seven months of 2023 vs the prior-year period (FACT).
- Forward expectation — management guided to $80M–$100M the year after the 2023 raise per Bloomberg; a forecast, not a result (SECONDARY).
- Not revenue — $250M+ raised in Sep 2023 (FACT).