Arvegenix Raises $2.4M in Capital
Arvegenix, which plants and develops pennycress for the Midwest during winter, raised $2.4M in capital in 2015 from 10 investors, which included Michael Roth, The Yield Lab, Prelude Ventures, and St. Louis County Port Authority.
Since gaining visibility as a result of their Ag Showcase presentation in 2014, Arvegenix has navigated several transitions. One transition has been bringing on new CEO Jerry Steiner, who has 30+ years agricultural and life science experience in January of 2015. Under Steiner’s direction, the company has changed from producing pennycress as an oil seed energy crops to producing consumable oil and an animal feedstock similar to canola. In March of 2017, Arvegenix raised an additional $2.4M in venture round funding. Using this funding, Arvegenix has made progress in improving the composition and yields of their pennycress varieties in partnership with Illinois State University and initiated field trials with their crosses.
2018 will be a big year for the company on both the agricultural as well as business side. Arvegenix aims to repeat the same yields this year in field trials and fine tune operations within the company.
- Jerry Steiner
- Arvegenix Inc.
- St. Louis, Missouri