US-based agricultural technology accelerator AgTech Accelerator closed $8.5m in financing yesterday led by animal health and food production product and service provider Elanco, taking its overall capital to $20m.
The consortium included chemical and pharmaceutical producer Bayer and Syngenta Ventures, the corporate venturing arm of agribusiness Syngenta. Elanco is a subsidiary of pharmaceutical firm Eli Lilly.
The corporates were joined by Arch Venture Partners, Flagship Ventures, Harris & Harris Group, Hatteras Venture Partners, Mountain Group Capital, Pappas Capital and Alexandria Venture Investments, a subsidiary of real estate trust Alexandria Real Estate Equities.
Launched in May this year and located in North Carolina’s Research Triangle Park, AgTech Accelerator will help agriculture technology startups by providing access to technology, research, incubation and product development as well as early-stage funding.
Jeff Simmons, Elanco’s president, said: “While we have made important advances in animal health, we still have significant unmet health needs that must be addressed if we’re to tackle today’s challenges – from improving global food security to combatting antimicrobial resistance.
“We look forward to joining AgTech Accelerator in working collaboratively across the agriculture technology continuum to bring new ideas to life. We believe this effort can make a difference in shaping a future with sustainable health outcomes for people, animals and the planet.”
The initial $11.5m was provided in May by Bayer, Syngenta Ventures, Alexandria Venture Investments, Arch Venture Partners, Flagship Ventures, Harris & Harris, Hatteras Venture Partners, Mountain Group Capital and Pappas Capital.
– Image courtesy of AgTech Accelerator