Agtech company BioConsortia says it raised $15 million in an internal funding round.
The company, which discovers, designs and licenses microbial products, said the funding will aid the development of microbial products through gene editing to control nematode, fungal and soil insect pests. It will also help BioConsortia broaden its field trial programs in key agricultural regions globally, according to a news release.
The company said it will use some funds to expand its Davis, Calif., lab and upgrade its formation and formulation capabilities with the hope of commercializing its biofungicide, bionematicide and post-harvest decay controls this year.
“We have validated the consistency and impact of our nitrogen-fixing seed treatments through hundreds of field trials across a wide array of crops in recent years,” BioConsortia CEO Marcus Meadows-Smith said in the release. “This announced investment underlines our confidence that these technologies, with their extended shelf [life] and on-seed life, set a new standard for nitrogen-fixation products.”
Otter Capital, an existing investor, led the funding round.
