MicroGen Biotech raises $3.8M Series A financing from US and European Agtech investors to improve soil health and food safety globally
Pubblicato il: 18/05/2020 19:20
CARLOW, Ireland, May 18, 2020 /PRNewswire/ --
MicroGen's microbiome technology blocks the uptake of heavy metals by crops to improve food safety. Heavy metal content in foods has emerged as a global issue, caused by industrial pollution, and crop inputs. Rice, wheat, cocoa, and leafy greens take up these heavy metal residues and concentrate them in our food, which then accumulate in the human body. Ingestion of heavy metals causes toxic and carcinogenic effects especially in infants. Up to 95% of baby food contain toxic heavy metals.
In China, 19.4% of arable land contains pollutants, China's "safe food and clean soil" program targets heavy metal reduction. MicroGen Biotech has successfully registered two products with the Chinese Ministry of Agriculture following extensive field trials, covering 20,000 acres, and is rolling out its products nationwide.
MicroGen Biotech has a partnership with a US agricultural input company to develop a low-arsenic rice solution for North America.
MicroGen's patented EcoPiling technology has opportunity in soil remediation, which breaks down coal and oil residues more effectively than other remediation approaches, was successfully applied at Ireland's largest bioremediation project to remove oil pollution, and recognised by the Ministry of Environmental Protection of China. MicroGen has successfully remediated oil polluted soil in China's second largest oilfield.
"This funding is critical in executing our vision across North America and Europe," said Dr. Germaine. "We are now in a position to strengthen our team, expand production, and invest in new technology and product development."
The funding was led by Fulcrum Global Capital with participation from The Yield Lab Europe. Bill Buckner, former CEO of Bayer CropScience USA joins MicroGen's advisory board. "MicroGen Biotech has developed a technology to make our food healthy and safe, and to restore the health of polluted soils," remarked Nicky Deasy. Duane Cantrell regards MicroGen as "an exceptional company who is pushing the boundaries of AgTech advancements and make safe food available."
Background to MicroGen Biotech
MicroGen Biotech was founded in 2012 at Carlow Institute of Technology, Ireland, by Dr. Xuemei Germaine, a molecular biologist. MicroGen Biotech is headquartered in Carlow, Ireland, with a subsidiary company in Shandong Province, China.