AgBiome, an agtech developer of biological crop protection products based in Research Triangle Park, North Carolina, has raised $65 million through a Series C round of funding. Investors in this round include 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.
Spun out of the University of North Carolina at Chapel Hill in 2013, AgBiome develops innovative agricultural biological and trait products from the crop-associated biome to improve productivity. Its proprietary discovery platform Genesis™ acts to efficiently capture and screen a diverse and unique microbial collection for applications to benefit agricultural production. The company’s innovative use of the plant biome is marking it as a leader in the development of genetic traits and biological pesticides, and has discovered 3,500 new insect control genes and 200 active lead strains, according to the North Carolina Biotechnology Center.
“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.”
Additionally, through its commercial subsidiary AgBiome Innovations Inc., AgBiome sells proprietary crop protection solutions, the first of which is Howler™, a biological fungicide targeted toward a range of specialty crops, turf, and ornamental operations. Another product in AgBiome’s lineup is Connate™, a combination product that consists of biological and chemical components that allows for the reduction of purely chemical applications.
“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.
This round, which will help AgBiome bring novel crop protection solutions to market, follows upon a $34.5 million Series B raised by the company in August 2015. The round which was backed by 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 was used to fund the launch of the company’s first products.
Scott Uknes, co-CEO and Board member of AgBiome stated, “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.”
-Lynda Kiernan