BioConsortia Inc. has raised $15 million to conduct hundreds of field trials using its biotechnology this year with third-party partners in fields in North America, Asia, Latin America and Europe.
The Davis-based company announced it was beginning the trials earlier in the month, but it didn't disclose how much money it raised.
In an April 21 filing with the Securities and Exchange Commission, BioConsortia reported that it raised $15 million in equity. The company raised the full amount it was seeking, according to the document.
The funding is notable because it comes at a time when venture capital investments have become increasingly scarce. The number and total dollar value of venture capital deals have declined for the past five quarters, according to research firm Pitchbook and the National Venture Capital Association.
BioConsortia is pioneering soil and plant microbe technology as biostimulants and biopesticides to reduce the use of chemical fertilizers and pesticides.
"These field trials will demonstrate the breadth and diversity of our pipeline, with solutions for yield-robbing nematodes, the negative effects of nitrogen use and food waste," said BioConsortia CEO Marcus Meadows-Smith, in a news release about the field trials.
Since 2014, BioConsortia has raised more than $40 million from venture capital firms Otter Capital LLC, based in Woodside, and Khosla Ventures, based in Menlo Park.
The new funding round was led by Otter Capital, said Jon Amdursky, spokesman for BioConsortia.
The company will use the new funds for international growth and expansion of its relationships with commercial partners. It will also advance its pipeline of products to support sustainable agriculture.
The company has 50 employees, most of them in Davis. Some 16 of its employees are Ph.D.s, Amdursky said.
BioConsortia scientists develop agricultural technologies, and then work with other companies and partners to manufacture, market and distribute its products. For three years, BioConsortia has been working with agricultural chemical giant The Mosaic Co. in field testing and development.
This year's expanded field tests expand on the company's efforts to work with potential collaborators, customers and existing partners like Mosaic (NYSE: MOS).
BioConsortia is working on products including nitrogen-fixation microbes to replace synthetic nitrogen fertilizers, which are expensive and become a problem in waterways. It's also developing biostimulants to increase crop yields; and bionematicides and biofungicides to protect crops from pests and diseases. It also is working on biologically derived products for post-harvest pathogen control once food makes it to distribution and eventually to retail markets.
A longtime ag industry veteran, Meadows-Smith was honored locally this year as a Most Admired CEO by the Sacramento Business Journal.
