AgroSpheres, a leading biotechnology company in sustainable crop protection, has announced the closing of its Series B funding round at $25 million, thanks to a strategic investment from FMC Corporation. This final investment from FMC, a global leader in agricultural sciences, complements the previously raised $22 million from notable investors including Lewis & Clark AgriFood, Cavallo Ventures, BIDRA Ventures, Wilbur Ellis, and Ospraie Ag Science.
AgroSpheres’ Innovative Approach to Crop Protection
AgroSpheres’ cutting-edge technology offers a revolutionary approach to crop protection, focusing on the precise delivery of active ingredients like small molecules, peptides, and nucleic acids. This technology enhances the efficiency, efficacy, and sustainability of crop protection practices, significantly reducing environmental impact and improving overall crop health.
FMC Corporation's Strategic Investment
The investment by FMC Corporation underscores a shared commitment to advancing agriculture and fostering innovative, sustainable solutions. FMC Ventures joins other major players in the agtech space to support AgroSpheres' mission. This strategic partnership is set to drive further innovation and accelerate the development of sustainable solutions for global agriculture.
The Impact and Potential of AgroSpheres’ Technology
AgroSpheres’ innovative delivery system encapsulates pesticides for more targeted applications than traditional methods, potentially reducing pesticide usage and biodiversity damage. The technology's unique encapsulation forms a protective shell around RNA, physically shielding active ingredients from environmental factors and ensuring consistent performance. This approach is targeted, impacting only the intended pests and not other beneficial insects like bees.
Utilization of Series B Funding
The combined $25 million funding will be instrumental for AgroSpheres in several key areas:
Advancing the construction of a pilot facility in Charlottesville.
Pursuing regulatory approvals with the United States Environmental Protection Agency (EPA).
Developing a new pipeline of products and co-developing with major industry players.
Aiming to bring its first product to market by the end of 2024.
AgroSpheres’ Plant Health Program
Further enhancing its innovative portfolio, AgroSpheres recently launched a plant health program with the Institute for Advanced Learning and Research. The program is focused on developing novel compounds to increase agricultural yield and provide drought tolerance, showcasing AgroSpheres’ commitment to sustainable agriculture.
Bridging the Gap from Chemicals to Biologicals
AgroSpheres’ technology offers a significant transition from chemical to biological crop protection. The company’s technology and products are positioned to provide a bridge towards more sustainable agricultural practices, meeting the growing need for environmentally friendly and effective crop protection solutions.
Conclusion
The closing of AgroSpheres’ Series B funding round, with the strategic investment from FMC Corporation, marks a significant milestone for the company and the agricultural technology sector. This investment is not just a financial achievement; it represents a major step forward in the evolution of sustainable agriculture, positioning AgroSpheres as a key innovator in the industry.