GATINEAU, QC, Sept. 26, 2014 /CNW/ - Agrisoma Biosciences Inc. an agriculture technology company, today announced the first closing of its Series A financing round, expected to total $8 million through 2014. The funding round was led by Cycle Capital Management and included participation of BDC Venture Capital, one of Agrisoma's current equity investors.
Steven Fabijanski, President and CEO stated, "We are very proud to include an experienced team like Cycle Capital Management as a new partner in our business. We welcome their expertise and network. We are also very excited to have one of our current equity partners, BDC Venture Capital, continue their support of the company as we focus on expanding our commercialization to new regions of production."
Andrée-Lise Méthot, founder and Managing Partner of Cycle Capital has joined the Board of Directors at Agrisoma. She has been recognized as one of the most influential women in sustainable development and in the cleantech sector and a strong track record of investment in the sector. "The experience of Agrisoma team members and the quality of the technological development have convinced Cycle Capital to join this promising project for a greener economy."
In addition, Agrisoma announces the appointment of Rick Smith, Past President and CEO at Dow AgroSciences Canada Inc., to the Board as well as John Plaza, President and CEO and Founder of Imperium Renewables, an international leader in next generation biofuel production.
"I am excited to welcome our new Board members, who bring a depth of experience in financing, clean technologies, agriculture and renewable fuels. We are looking forward to drawing on their experience as we continue to grow the company." said Fabijanski.
"Agrisoma is a great example of how BDC Capital is providing the most promising tech companies with access to the capital required to develop and commercialize innovative solutions for global markets," stated Gary Bantle, Partner with BDC Capital. "
The funding is in support of Agrisoma's further commercialization of Resonance® Carinata, the world's first non-food crop that produces oil uniquely suited for biofuel production. Resonance Carinata is under commercial production in the USA and Canada and the oil has been used in the production of biodiesel, renewable diesel and biojet fuels. Resonance Carinata was used to fuel the world's first 100% renewable biojet fuel flight that took place in Canada.
The production of Resonance Carinata is being expanded to multiple locations globally to provide a supply of sustainable, non-food oils for meeting the demand for sustainable biofuels. Resonance Carinata is certified sustainable by the Roundtable on Sustainable Biomaterials (RSB), the global standard and certification scheme for sustainable biofuels. It is one of only four crops in the world to achieve that status. Resonance Carinata meal has recently received regulatory approval as an animal feed, further underscoring the value of this crop to meet the increasing demand for renewable fuel and providing meal for the production of livestock. Additionally, Resonance Carinata is grown on semi-arid farmland, creating new economic and production opportunities for growers.
About Cycle Capital Management
A pioneer among Canadian venture capital funds focused on the clean-tech sector, Cycle Capital invests in companies developing and commercializing clean technologies and striving to reduce greenhouse gas emissions, optimizing resource use, and improving process efficiency throughout a product's life cycle. With assets under management of $230 million, Cycle Capital invests in Quebec and northeastern North America. Cycle Capital is composed of experienced investment professionals, strategic advisors, and industrial partners with in-depth knowledge of the sector. Cycle Capital has a special relationship with its strategic partners, notably Brookfield Renewable Energy, Rio Tinto Alcan, Cascades, Group M3, Lonza, Gaz Métro, Systemex Énergies, Aluminerie Alouette, and Hydro-Québec.
About BDC Venture Capital
With more than $1 billion under management and more than 25 years of industry experience, BDC Venture Capital is an investor of choice focusing on IT, health and energy/cleantech companies, as well as venture funds, with high growth potential. From seed through expansion to exit, their mandate is to help build outstanding Canadian companies, while working to create a sound financial ecosystem for Canadian technology ventures.
Agrisoma Biosciences Inc. is an agricultural company that has commercialized carinata, a non-food oilseed crop designed for sustainable production of biofuels. Agrisoma sells carinata seed products under the Resonance brand name, and uses advanced crop improvement technologies to provide superior crop varieties to growers. For further information about Resonance Carinata, Agrisoma and its technology, collaborations and partnerships, please visit www.agrisoma.com.
®Resonance is a registered trademark of Agrisoma Bioscience, Inc. All other trademarks are those of their respective companies.
Note: Certain of the statements contained in this press release are forward-looking statements which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
SOURCE: Agrisoma Biosciences Inc.
For further information: Media Contacts: Mejda Lortie, Director, Regulatory and Government Affairs, Agrisoma Biosciences Inc., [email protected], (819) 205 7795