MicroGen Biotech, a spinout from research carried out at the Institute of Techology (IT) Carlow, has raised $3.8 million (€3.47 million) in a funding round led by a number of top US and European agtech investors.
A press release from IT Carlow stated that MicroGen Biotech has successfully developed proprietary technology to ensure better food safety and soil health. The company has raised a total of $8.5 million so far.
According to the statement: “MicroGen Biotech applies constructed, functional microbiome technology to increase crop yield and health, while protecting food safety by remediating pollutants and improving soil fertility.
“Its proprietary microbiome technology blocks the uptake of heavy metals by crops on land that has been contaminated. Its products work directly on the soil to break down pollutants and support the growth of good bacteria to restore sites to fertile land.”
The company has successfully registered two of its solutions with the Chinese Ministry of Agriculture and is now working with partners to roll out the solutions there.
Europe and North America are key markets for growth and the company is currently in negotiations with a number of growers and global food brands who are keen to reduce the level of heavy metals in foods.
“We are very excited to successfully complete this round and look forward to the next stage of the company’s growth,” stated Germaine.
We are now in a position to scale by strengthening our senior management team, closing contracts in our sales funnel, expanding production capacity, and investing in technology innovation and product development.
“We have developed a platform technology called constructive function microbiome that uses a microbe consortium. When applied to the plant, it provides the ability to block the uptake of heavy metals like cadmium and arsenic,” Germaine explained.
“It also has a plant growth-promoting function and can be applied as a seed coating or spray.”
Tougher rules on heavy metal limits in food in recent years may help to boost business.