Key Takeaways
- GeneNeer Ltd. has completed a US$1 million seed funding round to accelerate its crop seed innovation technology.
- The funding was led by Tall Grass Ventures and 2b AHEAD Ventures to enhance gene editing and discovery in crops.
- The company’s proprietary Superlines and tissue-specific silencing capabilities position it uniquely in the agrifood tech sector.
- GeneNeer is focusing initially on the potato market, with plans to expand to other key crops through strategic partnerships.
- The investment follows a year of significant achievements, including successful trials, collaborations, and advancements in research and development.
GeneNeer Ltd. Secures $1 Million in Seed Funding for Crop Seed Innovation
Introduction to GeneNeer’s Breakthrough
GeneNeer Ltd. announces the successful closure of a US$1 million seed funding round, marking a significant step in its journey towards revolutionizing crop seed innovation. The company is developing a breakthrough method that combines its proprietary Superlines and tissue-specific silencing capabilities. This method aims to enhance advanced breeding technologies’ precision, speed, and safety, positioning GeneNeer to democratize crop seed innovation.
Funding and Future Prospects
The seed round was led by Canada-based Tall Grass Ventures and supported by 2b AHEAD Ventures, a German firm and repeat investor. The funds will primarily support the expansion of GeneNeer’s research and development, particularly in enhancing gene editing and discovery methods. While the company is currently focusing on the potato market, it has plans to extend its innovative technologies to other essential crops, facilitated through strategic partnerships.
Leadership and Strategy
Chris Edwards, Managing Partner at Tall Grass Ventures, highlights GeneNeer’s position at the forefront of gene-editing in crop development, citing their novel Superline technology. This technology is viewed as a multi-faceted platform that addresses various business risks typically associated with biotechnology and deep science-based startups. Edwards also commends the quality of GeneNeer’s team, which combines technical expertise, skill, and business acumen, essential for success in global agriculture.
Milestones and Valuation Growth
GeneNeer’s announcement follows a year filled with significant milestones, including multiple successful proof of concept trials, a paid collaboration with a Tier-1 company, participation in the StartLife program for promising agritech startups, the filing of a second patent application, and considerable advancements in research and development. These achievements led to a doubling of the company’s valuation in 2023.
Statements from Leadership
Kinneret Shefer PhD, CEO and Co-founder of GeneNeer, expresses gratitude for the support from Tall Grass Ventures and 2b AHEAD Ventures, emphasizing their role in helping GeneNeer achieve its ambitious business plans. Sven Gabor Janszky, CEO of 2b AHEAD Ventures, highlights GeneNeer’s potential to address one of the world’s most pressing challenges: food security in the face of global warming.
Image provided by GeneNeer
