US agricultural biotech firm BioConsortia takes home $15M in Series B funding
Agricultural biotech firm BioConsortia Inc has secured another $15 million in its second funding round. Khosla Ventures and Otter Capital were the lead investors in the financing, according to VentureBeat.
Khosla partner Andrew Chung said: "At Khosla Ventures, we're investing in companies that can have a systemic impact on food production around the world. Since providing the seed investment in the BioConsortia technology, we've been strong believers in the opportunity to dramatically increase agricultural production with smaller resource requirements. This R&D platform will accelerate innovation in agriculture and enable the industry to operate in even more environmentally sensitive ways."
BioConsortia will use the new capital for the commercialization of its microbial selection technique in crop growing. In addition, the company will also form tie-ups with other fertilizer, seed, and crop producers, the report detailed.
The California-based firm has developed a crop growing technique using microbial selection to enhance certain traits in a crop. This method does not need genetic modification to produce the desired improved crop, VentureBeat reported.