Nov 9, 2016BioConsortia raises $12 million for multi-microbe product development
BioConsortia has raised this year a total of $12 million for future growth. Last week, BioConsortia closed an $8 million equity round of investment financed by existing investors, Khosla Ventures and Otter Capital, and earlier in the year raised $4 million of venture debt from Square 1 Bank, a division of Pacific Western Bank.
Experienced ag tech investors Khosla Ventures and Otter Capital funded BioConsortia’s $15 million Series B round in early 2014, enabling the move from New Zealand to the U.S., and establishing operations and headquarters in Davis, California. This move refocused the research on U.S. microbes, seed genetics, more sustainable fertilizers and improved agronomic practices.
Recently the company launched several biopesticide projects to identify crucial microbial solutions to combat seed and soil-borne diseases and pests.
Following the addition of Hong Zhu from Bayer CropScience earlier this year, the company is also further expanding its formulation and fermentation team to work on products that meet the best standards for seed and soil-applied solutions. Construction on new lab space at the current R&D facilities is underway.
Building on 2016 field trials, BioConsortia will increase its program for 2017. Next year’s trials will include important traits for drought tolerance and fertilizer use efficiency on corn, soy, and wheat, as well as biopesticide trials for management of soil-borne diseases in select high-value vegetable crops and pests such as corn rootworm.