Syngenta Ventures, the corporate venturing arm of agribusiness Syngenta, has led a $12.3m series B round for Asilomar Bio, a US-based developer of chemical additives to improve crop yields
Cavallo Ventures, the venture capital arm of agriculture product distributor Wilbur-Ellis, also took part in the round, as did Fall Line Capital and Cultivian Sandbox.
Asilomar Bio has not disclosed the precise amount raised in the round, but AgFunderNews placed its size at $12.3m and also lists Mission Bay Capital among the participants.
Founded in 2012, Asilomar Bio focuses on the physiology of plant water use, developing chemical products that manipulate those processes to improve crop yields. Its first commercial product includes an ingredient that improves how a plant senses, responds and uses water.
The company recently signed a deal to license its products to biostimulant manufacturer Koch Biological Solutions. The funding will be used to commercialise its lead product and continue development on others.
Asilomar Bio had previously raised $3m in a 2015 series A round featuring Fall Line Capital and Cultivian Sandbox.
Eric Davidson, Asilomar Bio’s CEO, said: “We are very excited to have Wilbur-Ellis and Syngenta invest in Asilomar Bio.
“They are trusted experts in the industry and their partnerships with growers to create value-add situations is something our technology can support and enhance.”