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AgBiome Secures $34.5 Million Series B Financing

RESEARCH TRIANGLE PARK, N.C., Aug. 20, 2015 /PRNewswire/ — AgBiome LLC, a private company developing novel agricultural products to improve crop productivity, today announced that it has secured $34.5 million in Series B financing that will further advance the company’s research and development programs, and support the launch of the company’s first products. The investment group includes the Bill & Melinda Gates Foundation, The University of Texas Investment Management Company (UTIMCO), Pontifax Global Food and Agriculture Technology Fund, and Series A investors Polaris Partners, ARCH Venture Partners, Harris & Harris Group, Innotech Advisers, Monsanto Growth Ventures, and Syngenta Ventures.

“Poor farmers in sub-Saharan Africa and South Asia face tremendous hurdles, such as unproductive soil, plant diseases, pests and drought,” said Vipula Shukla, Senior Program Officer at the Bill & Melinda Gates Foundation.  “This investment will ensure that AgBiome’s expertise is applied to creating new, affordable tools for these farmers that will protect their staple crops from pests and diseases.”

“We couldn’t be happier about adding these great new investors to the AgBiome family,” said Andrew Graham, CFO of AgBiome, Inc. “The combination of marquee investors, our R&D partnerships, and the terrific team we are continuing to build puts us in a unique position to be the most successful agricultural innovator ever.”

Tom Dietz, Chairperson of AgBiome’s Board, added, “These superb investors joining the syndicate backing AgBiome is evidence of how much the company has accomplished in the 2 ½ years since its founding.  AgBiome is making a huge mark on the ag industry.”