Jul 17, 2018AgBiome secures Series C financing to boost development
AgBiome, a private company harnessing the plant microbiome for agricultural pest solutions, has secured $65 million in Series C financing that will help the company bring novel crop protection products and solutions to the market. The investment group includes: The University of Texas Investment Management Company (UTIMCO), Fidelity Management and Research Company, Polaris Partners, ARCH Venture Partners, Innotech Advisers, Pontifax Global Food and Agriculture Technology Fund, and Monsanto Growth Ventures.
“This is a watershed moment for AgBiome and for agriculture. The support from UTIMCO, Fidelity, Polaris, ARCH and other investors allows us to realize our vision to be the leading innovator in agriculture,” said Scott Uknes, co-CEO and board member of AgBiome.
Tom Dietz, chairman of AgBiome’s board, adds, “These are exciting times for AgBiome and the capital raise is going to add to the foundation for continued growth and success.”
“Polaris is delighted to participate in and support AgBiome’s tremendous progress,” said Amir Nashat, managing partner of Polaris Partners and a member of AgBiome’s board. “This financing round will accelerate the company’s trajectory to become the leading solution-based innovator in crop protection.”
AgBiome is leading the way in the next agricultural revolution with the most innovative use of the plant microbiome for identifying and developing genetic traits and biological pesticides. The company is expanding its capabilities in bringing new products to the market and accelerating the strategy of combining biologicals with synthetic chemicals for maximum efficacy and mitigation of pesticide resistance.
“This investment enables AgBiome to develop markets for Howler and Connate products that consist of combinations of biologicals and chemicals. These products will allow for the reduced use of necessary chemicals along with high efficacy that agriculture needs. This is a game-changing technology for agriculture,” said John Rabby, commercial director at AgBiome Innovations.