Pairwise Plants, a US-based developer of crop genome modification technology, completed a $90m series B round yesterday that included pharmaceutical and chemicals group Bayer’s corporate venturing arm, Leaps by Bayer.
Pontifax Global Food and Agriculture Technology Fund, the growth capital firm also known as Pontifax AgTech, co-led the round with healthcare investment firm Deerfield Management Company, and it included Singaporean state-owned investment vehicle Temasek.
Founded in 2017, Pairwise has developed an agricultural gene-editing platform that enhances the quality of produce and protects the plants from getting diseases.
The tool leverages the Crispr system, which targets genetic codes to edit DNA and is based on technology licensed from research organisations including Massachusetts General Hospital and the Broad Institute.
Deerfield Management had co-led a $25m series A round for the company in March 2018 with Monsanto Growth Ventures, which would later merge with Leaps by Bayer following Bayer’s acquisition of its parent company, agrochemical group Monsanto, three months later.
Pairwise CEO Tom Adams said: “People see innovation all around them, except in the produce aisle. We will give consumers new options that make healthy eating easier and more exciting.
“With this additional funding from industry-leading investors, Pairwise is taking a bold step toward achieving our mission of building a healthier world.”
