Edison Agrosciences, an agtech startup that focuses on developing sunflower plants for producing natural rubber, has closed a $600,000 seed financing round and added a new board member.
The company said Thursday that the investment was supported by current and new investors that included, among others, BioGenerator, the startup creation and investment arm of local innovation hub BioSTL; Missouri Technology Corp., a public-private partnership that was created by the Missouri General Assembly; and Crisp & Co. LLC, an advisory and investment firm led by Matt Crisp, Edison Agrosciences' co-founder and board chair and former CEO of agtech firm Benson Hill (NYSE: BHIL).
Edison Agrosciences, based at the Helix Center Biotech Incubator in Creve Coeur, is developing industrial biomaterials and is currently focused on producing and commercializing natural rubber from sunflowers. The company is working to increase the concentration of rubber in each sunflower plant, to improve per-acre yield through breeding and agronomic techniques. Most natural rubber currently is sourced from a tree species that's susceptible to disease and grown in Southeast Asia, so there's a demand for a sustainable, domestic source, officials said.
The seed financing will be used by Edison Agrosciences to advance R&D, including completing its third year of field trials, increasing production for customer product evaluation, and continuing building out the supply chain infrastructure needed to take the product to market, according to a press release.
The investors' support will enable Edison Agrosciences to accelerate its development and commercialization efforts, CEO David Woodburn said in the release.
"This funding will allow us to enhance our technology and IP position, further increase rubber yield in sunflowers, and create a sustainable, domestic source of natural rubber," Woodburn said. "Our company has significantly matured with non-dilutive funding from supportive and forward-thinking organizations like DARPA [Defense Advance Research Agency], and we are excited about the opportunity ahead to supply much-needed innovation and more sustainable bioindustrial materials."
In 2021, Edison Agrosciences received a $1 million Phase II research contract sponsored by DARPA.
Also Thursday, Edison Agrosciences said it has added to its board Tom Marsh, who brings 40-plus years of experience in the latex and rubber industry. Most recently, he had served as chief operating officer Pioneer Worldwide and chief technology officer for Advanced Sustainable Polymers. Marsh has held laboratory, R&D and manufacturing roles at medical-device and related companies including Centrotrade Rubber USA, Abbott Laboratories and Ansell Healthcare. Marsh also was involved in the rubber supply chain through senior executive posts at The Ore & Chemical Corp. and Halcyon Agri's Corrie MacColl Ltd. subsidiary, where he oversaw sales, distribution and more for industrial materials such as natural rubber.
Marsh holds an associate degree in general science from The Ohio State University and a bachelor's degree in business management from Liberty University, as well as additional work in polymer technology and process development, according to LinkedIn.
"The company’s innovations are poised to be valuable across numerous industrial applications," Marsh said of Edison Agrosciences in a statement. "But importantly, they are also well positioned to be a leader in domestic, cost-competitive, and more sustainable liquid natural rubber solutions, a rare combination."
