Agrivida completes initial close in Series E funding

Agritech company Agrivida completed an initial close of $20.4 million in Series E funding last week to commercialize the company’s GRAINZYME feed additive enzymes and to support product development for both dairy and beef cattle.

Agrivida partnered with The University of Texas Investment Management Co., ARCH Venture Partners, Cultivian Sandbox, Middleland Capital, Kleiner Perkins Caufield & Byers and Northgate Capital as investors.

“We're excited to partner with the Agrivida team as the company prepares to commercialize its initial GRAINZYME products,” Spencer Swayze of The University of Texas Investment Management Co., which led the initial funding, said. “The company’s technology has the potential to improve the production efficiency for producers while reducing raw material and energy costs in the large and rapidly growing feed enzyme market.”

The GRAINZYME Phytase technology -- which will also benefit from the funding by way of a commercialization plan -- uses protein expression and storage in grain to make enzyme production easier.

“This is another significant milestone for our company,” Agrivida CEO Dan Meagher said. “Exciting results from our recent animal trials are creating a convincing value proposition for the producers of food animals. We are looking forward to delivering on our promise of improving the production efficiency of meat, milk, and eggs to help address the growing global demand for food.”

Agrivida was founded in 2004 by Massachusetts Institute of Technology scientists who wanted to improve the manufacture and use of enzymes in farming. They now have 33 patents with more than 85 pending.