AgriMetis Raises $23.5M on Series B Funding
In January 2017, AgriMetis, the Maryland startup that is enhancing the production of natural products and products derived from and inspired by natural products to develop crop protection chemicals, raised $23.5 million in a Series B funding round. To date, AgriMetis has raised $30.8M in total funding. The round was led by Anterra Capital and included several new investors such as RA Capital Management, and Alexandria Venture Investments. The company’s existing Series A investors (Syngenta Ventures and Acidophil LLC) participated as well. AgriMetis has used this funding to expand product development as well as increase exposure for its technology.
Since presenting at the Ag Innovation showcase in 2015, the company has undergone a transition. CEO Steve Tuttle joined the company in 2016 after a 25+ year career in agribusiness and has helped attract a scientific advisory board along with new R&D talent.
As of now, AgriMetis is focusing on three areas of its commercialization and effective utilization of its third party capital: expanded pre-product research and development, engaging with end user farmer-growers to get firsthand input on challenges in crop cultivation, and broadening and deepening its network across the big ag and second tier ag product companies aimed at the $56 B global ag chemistry market.
The Ag Showcase was one of the first public events AgriMetis attended. According to Tuttle, the showcase provides connections and visibility within the community that can help launch early-stage ag tech companies.