Agrivida, a US-based agricultural and industrial processing company backed by conglomerate Sumitomo and agribusiness Syngenta, reached a first close of $20.4m for its series E round yesterday.
The tranche was led by University of Texas Investment Management Company (Utimco), the institution’s endowment fund, and included Arch Venture Partners, Cultivian Sandbox, Middleland Capital, Kleiner Perkins Caufield & Byers (KPCB) and Northgate Capital.
Agrivida is targeting a $24m final close for the round, according to a regulatory filing.
Founded in 2004, Agrivida produces enzymes that have applications in animal nutrition and health, energy, and consumer industries including biofuel.
The series E capital will go towards commercialisation of Agrivida’s Grainzyme enzymes, which are aimed at poultry and swine. The cash will also help Agrivida develop products for dairy and beef cattle.
Syngenta first gained a stake in Agrivida in 2010 when it licensed technology to the company. Syngenta Ventures, its strategic investment division, and Presidio Ventures, a corporate venturing subsidiary of Sumitomo, then supported a $15m series C round in 2012.
The series C round was led by Bright Capital, a unit of investment firm Ru-Com Group, and featured KPCB, DAG Ventures, Prairie Gold, Gentry Venture Partners, Northgate Capital and life sciences real estate firm Alexandria Real Estate Equities.
Agrivida closed a $23m series D round in August 2015, and has also raised an undisclosed sum in a 2009 series B round and $600,000 in a 2006 series A.