AgBiome Raises $34.5 Million in Series B Round
August 20, 2015
Agtech company, AgBiome LLC, announced it has successfully raised $34.5 million in a Series B round of fundraising. Relatively new to the agtech space, AgBiome, develops of innovative agricultural biological and trait products from the crop-associated biome to improve corn productivity. Investors in the round include The Bill and Melinda Gates Foundation, The University of Texas Investment Management Co., Pontifax Global Food and Agriculture Technology Fund, and Series A investors, ARCH Venture Partners, Harris & Harris Group, Innotech Advisers, Monsanto Growth Fund, and Syngenta Ventures.
The funds raised will be used to support the launch of the company’s first products, and will further advance the company’s research and development initiatives.
"Poor farmers in sub-Saharan Africa and South Asia face tremendous hurdles, such as unproductive soil, plant diseases, pests and drought," said Vipula Shukla, Senior Program Officer at the Bill & Melinda Gates Foundation. "This investment will ensure that AgBiome's expertise is applied to creating new, affordable tools for these farmers that will protect their staple crops from pests and diseases."
Being AgBiome Chairperson, Tom Dietz states, "These superb investors joining the syndicate backing AgBiome is evidence of how much the company has accomplished in the 2 ½ years since its founding. AgBiome is making a huge mark on the ag industry."
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