Plastomics secures $7.1 million in Series A funding

Plastomics, Inc., the biotechnology company helping to develop higher performing seeds for the agriculture sector via their novel chloroplast trait delivery platform, has announced it completed a $7.1 million Series A funding round. The financing was led by Lewis & Clark AgriFood, a St. Louis based food and agriculture focused investment firm, with co-investors Fulcrum Global Capital, Revolution’s Rise of the Rest Seed Fund, QRM Capital, iiM, and CIG Spectrum. Existing investors iSelect, Missouri Technology Corporation, The Yield Lab, BioGenerator, and Centennial Investors also participated in this round. This follows a Series Seed follow-on round led earlier this year by BioGenerator with co-investor The Yield Lab.

Plastomics is developing a transformative platform for trait introduction via the chloroplast that has the potential to provide new and improved solutions to enhance crop production to help growers meet the nutritional needs of a growing population. The funding will be used to further demonstrate the benefits of soybean trait chloroplast transformation from laboratory to field and to complete chloroplast transformation trait proof of concept in corn.

“We are excited to welcome a strong syndicate of agtech investors who recognize the need for second generation transformation technologies that address current biotechnology challenges,” said Charlie Bolten. “New solutions for insect and disease control are critical as these pressures continue to increase, while upside opportunity exists for increasing protein, oil and other value-added trait solutions once the platform is fully operational.”

As a part of the financing, Steve Welker of Lewis & Clark AgriFood and John Peryam at Fulcrum Global Capital will join the Plastomics board of directors, chaired by Charlie Bolten; BioGenerator.

“Plastomics is delivering a game changing solution that pushes the boundaries of what is possible through seed and crop protection products to meet the demands of farmers who are looking for ways to sustainably improve outcomes,” said Steve Welker, Operating Partner at Lewis & Clark AgriFood. “The industry will find this technology very exciting, and Lewis & Clark AgriFood is excited to be a part of it.”

“At Rise of the Rest, we believe that founders and companies will naturally move to cities in the middle of the country that possess the sector expertise they require,” said Anna Mason, Managing Partner at Revolution’s Rise of the Rest Seed Fund. “Plastomics is leveraging the wealth of agtech knowledge in St. Louis to scale their technology. We are proud to invest in a company that is helping to tackle the enormous challenge of feeding the planet’s growing population.”

Plastomics continues to advance its transformative platforms for both soybeans and corn. Chloroplast transformation of genetic traits provides many benefits not possible with traits through traditional nuclear transformation. This comes at a time when the agricultural industry is desperate for new solutions, including technology to overcome insect resistance to current commercial traits. These benefits include the introduction of traits with new modes of action and traits that have the potential to enhance yield, further reducing the environmental footprint of crop production.