Agrivida completes Series C financing round
Agrivida Inc. recently announced it raised $15 million in Series C financing. The round was led by Bright Capital Partners. Additional investors included Other Series C investors include Kleiner Perkins Caufield & Byers, DAG Ventures, Prairie Gold, Presidio, Gentry Venture Partners, Northgate Capital, Alexandria Real Estate Equities, and Syngenta Ventures.
According to Agrivida, the funding will be used to advance the development and commercialization of its proprietary technologies. “The financing will enable us to continue the development and commercialization of our proprietary INzyme platform, which will allow our partners to produce non-food biomass with properties customized to enhance specific chemical processes, including generation of cellulosic biofuels and other related products, within existing infrastructure,” said Mark Wong, CEO of Agrivida.
Information published by the company states that INzyme technology involves engineering cell-wall degrading enzymes into plants in a dormant form. After the engineered plants are harvested, enzymes are activated via either heat or pH level using proprietary processing methods to release cellulsoic sugars.
Agrivida is working introduce the INzyme technology into several biofuel feedstocks, including corn stover, sorghum, sugarcane and switchgrass. In August the company announced a partnership with Poet Research LLC, under which the two companies will collaborate to develop and test Agrivida’s engineered corn stover feedstock and feedstock processing technology for integration with Poet existing commercial cellulosic technology.
The company has not released additional terms of the Series C financing round.