Foray Bioscience, a cutting-edge startup focused on developing plantless plant products, has successfully raised $3 million in seed funding. This round was spearheaded by ReGen Ventures, with additional investments from The Engine Ventures, Susquehanna Sustainable Investments, Understorey Ventures, Superorganism, and other notable entities. This funding follows a pre-seed round, bringing Foray's total capital to $3.875 million. The funds will be used to expand Foray’s predictive plant cell culture platform, initiate product development with select partners, and grow its Boston-based team.
Addressing the Global Plant Crisis
Life on Earth is intimately tied to the health of our global plant populations. Plants are essential for ecosystem stability, carbon storage, and climate regulation. However, nearly 40% of assessed plant species are currently threatened with extinction. In 2022 alone, the world lost over 16 million acres of forest, an area larger than West Virginia. This loss is compounded by human demands, climate-related stresses, and the increasing prevalence of pests and diseases. To address these challenges, innovative tools and technologies are required to maintain access to critical plant-derived goods while also restoring these invaluable natural resources.
Foray Bioscience aims to revolutionize the biomanufacturing of plant-based industries, contributing to the protection and restoration of natural ecosystems. The company’s pioneering technology involves cultivating plant cells outside of the plant itself to efficiently produce a variety of products, ranging from molecules and materials to seeds.
Innovating Plant Cell Culture
Dr. Ashley Beckwith, Foray’s founder and CEO, emphasized the significance of their technology, stating, “We believe plant cell culture is a critical and underutilized tool for plant conservation, restoration, and production. With Foray’s technology, our goal is to make biomanufacturing accessible across species and applications by significantly reducing the barriers to entry.” Foray’s platform is powered by an innovative predictive database and advanced optimization strategies designed to improve success rates, shorten development timelines, and make plant cell culture accessible to the 99% of species that remain largely unexplored in biomanufacturing today.
In line with its mission, Foray has been expanding its team to enhance its platform capabilities. Dr. Beckwith, who developed foundational approaches in plant-based materials during her PhD at MIT and her tenure at Draper Laboratory, has recently appointed Nico Hawley-Weld as Head of Research & Development and Alex Grant as Head of Operations. Additionally, Foray welcomed a Principal Scientist for Machine Learning and Computational Biology earlier this spring.
Parker Hughes, Principal at ReGen Ventures and a member of Foray’s Board, expressed enthusiasm for the startup's potential: “Foray is reimagining the manufacturing of plant products. The company’s versatile approach will build much-needed resiliency into our plant supply chains and solve for persistent seed deficits in the reforestation sector. We’re thrilled to support such an innovative technology and team, particularly as environmental preservation becomes increasingly urgent.”
With this significant investment, Foray is well-positioned to advance its groundbreaking technology and make substantial contributions to both the biomanufacturing sector and environmental conservation. As the company expands its platform and forges new partnerships, it is poised to lead the way in developing sustainable solutions for the future of plant-based products.
Foray Bioscience's innovative approach not only promises to transform the way plant-based goods are produced but also offers a beacon of hope for the preservation and restoration of our planet's vital plant populations.
Comments