Agrivida, Inc. announced that it has completed a $23 million Series D financing to advance the development and commercialization of its proprietary GraINzyme® feed additive enzymes and INergyTM silage technology platforms. Cultivian Sandbox Ventures led the round and was joined in the investment group by an affiliate of Maschhoff Family Foods, ARCH Venture Partners, Middleland Capital and existing investors Kleiner Perkins Caufield & Byers, DAG Ventures, Bright Capital Partners, Gentry Venture Partners, Northgate Capital, Prairie Gold and private investors.
“We are excited to have this group of investors who are committed to our animal nutrition strategy and technology that will deliver unique enzyme solutions,” said Dan Meagher, CEO of Agrivida. “By using the corn plant as our factory combined with our proprietary technology, we aim to create a compelling value proposition to the producers of meat, milk and eggs to help address the growing global demand for food.”
“Agrivida products offer dramatically improved cost performance while simplifying production, slashing capital expenditure requirements and reducing the carbon footprint of fermentation produced enzymes,” added Ron Meeusen, managing director of Cultivian Sandbox. “Agrivida holds the potential to disrupt this lucrative and growing feed enzyme market.”
With this financing, Agrivida will further expand its capabilities, expertise and leadership team; advance its regulatory and product development; and focus on developing strategic commercial partnerships based on its proprietary GraINzyme® and INergyTM technology platforms. The funding will further support commercialization of its first products targeted for 2016.