Archadia Biosciences, Inc. An agricultural biotechnology company focused on developing technologies and products that benefit the environment and human health, today announced that it has closed a $33 million round of Series D preferred equity financing. The round was led by an investment of $30 million from Mandala Capital Limited, a dedicated agribusiness private equity fund focused on seed technology, among other sectors, in India. Nine existing investors, including CMEA Capital, BASF Venture Capital and Saints Capital, are also participating in the round. Piper Jaffray and Co. served as exclusive financial advisor to Arcadia for the transaction With the completion of the Series D round, Arcadia’s total capital raised amounts to $101 million.
Arcadia plans to use revenues from financing to accelerate the development and commercial launch of products based on the company’s agronomic performance and product quality trait technologies.
Arcadia has recently announced the achievement of key performance and commercial milestones for technology licensees in multiple crops Based on the results of the company’s Nitrogen Use Efficiency Technology, Arcadia is developing core data for regulatory submissions. Verdeca LLC, Arcadia Soya Joint Venture with Bioceres S A: A Argentina recently announced the granting of a commercial development license for stress tolerance technology to GDM Seeds, the leading South American soybean seed company. Regulatory field trials of Verdeca stress-tolerant soybeans have been completed in Argentina and the US to generate data for regulatory submissions, the first of which is expected in 2014.
‘Multiple products based on Arcadia’s agronomic performance and product quality characteristics are currently in late-stage commercial development and our SONOVA® 400 GLA Safflower Oil is already on the market,’ said Eric Rey, President and CEO of Arcadia. ‘Series D funding enables us to continue working closely with our licensees and partners to accelerate progress, to provide key data for commercial regulatory approvals and to pursue opportunities with new partners. ”
‘We are very pleased to have completed this investment in Arcadia Biosciences,’ said Uday Garg, Mandala Capital Limited’s Managing Director. ‘Our investment benefits from exposure to Arcadia’s highly developed, global seed technology platform, which affects every major agricultural economy. We are particularly excited about Arcadia’s advanced products addressing the acute need for crops with water and nitrogen efficiency traits and abiotic stress including drought tolerance in our Fund’s target market, India. ”
About Archadia Biosciences, Inc.
Based in Davis, California , Arcadia Biosciences is an agricultural technology company dedicated to the development of agricultural products that benefit the environment and human health. The agronomic performance characteristics of Arcadia, including Nitrogen Use Efficiency, Water Use Efficiency, Salt Tolerance, Heat Tolerance and Herbicide Tolerance, are all designed to make agricultural production more economically efficient and environmentally sound. Food technologies and products from Arcadia create healthier ingredients and whole foods. Arcadia has granted more than 70 technology licenses to major seed and consumer product companies worldwide. The company was recently named one of MIT Technology Review’s 50 Smartest Companies and has previously been recognized by AlwaysON as one of GoingGreen Silicon Valley’s Global 200 companies.