US-based fungicide developer Boragen has launched with $10m of series A funding from investors including agribusinesses Bayer and Syngenta, the latter participating through its Syngenta Ventures unit.
Alexandria Venture Investments, the VC arm of real estate firm Alexandria Real Estate Equities, animal health product maker Elanco, Arch Venture Partners, Bill & Melinda Gates Foundation, Flagship Pioneering, Hatteras Venture Partners, Mountain Group Capital and Pappas Capital also took part in the round.
Boragen is the first company to be launched by accelerator AgTech Accelerator, and the named series A backers are all contributors to AgTech’s $20m fund, which closed in November 2016.
The startup is working on a synthetic chemistry platform that is currently concentrated on advanced fungicides that can be used in sustainable farming. Its technology has been licensed from Pennsylvania State University.
John W. Dombrosky, AgTech Accelerator’s CEO, will perform the same role for Boragen, He said: “This investment also powerfully demonstrates the flexibility of the AgTech Accelerator model.
“When we see a really exciting technology, such as Boragen’s, our individual investors are able to bring additional capital into the deal, immediately increasing the speed and scope of milestones and plans.”