Chicago food processing giant ADM has invested in a Slovenia-based biotech company that specializes in synthetic biology and precision fermentation.
ADM (NASDAQ: ADM) said Friday it has made a minority equity investment in Acies Bio, a biotech firm founded in 2006 that makes microbial and synthetic biology technology for the food, pharma, agriculture and industrial sectors.
Acies Bio says its goal is to replace synthetic chemicals, and the carbon-intensive process that's used in food and agriculture production, with sustainable bio-based products.
The deal will help ADM advance its "precision microbial fermentation" and develop more sustainable agriculture products and alternative proteins.
The size of the investment was not disclosed. The deal was made through ADM Ventures, the company’s corporate venture capital arm.
ADM Ventures invests in Series A startups and beyond, and it counts firms like Chicago-based alternative protein startup Nature's Fynd among its portfolio companies. This year Nature's Fynd raised $350 million in funding at a valuation of more than $1 billion.
