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13 September 2017

Phytelligence yields more series B capital

Avrio Capital has added $5m to a series B round that achieved an initial close of $6.95m in July with a commitment from WRF Capital.

Author: Callum Cyrus, reporter

Phytelligence, a US-based agritech spinout of Washington State University, has secured $11.95m of its targeted $16m series B after receiving a $5m commitment from food and agriculture investment vehicle Avrio Capital, according to AgFunderNews.

The spinout previously closed a $6.95m tranche in July 2017 supported by WRF Capital, the early-stage investment unit of commercialisation firm Washington Research Foundation and led by diversified media company Cowles.

Phytelligence expected to close the full $16m series B round in early September, though it has provided no further updates about the final tranche.

Phytelligence has patented a nutrient-dense cultivation process called Multiphy that uses micropropagation technology to yield produce up to five-times faster than traditional methods.

Growers are thus able to bring designer label fruit, such as Honeycrisp or EverCrisp apples, to market faster, slashing time historically spent sourcing rootstock for crops.

The latest funding will go towards assets such as additional greenhouse space to help expand Phytelligence’s propagation capacity.

The spinout was founded in 2012 and is based on research by Amit Dhingra, associate professor of horticulture genomics and biotechnology research.

Phytelligence’s total funding currently stands at $12.6m. Earlier investors include individual fruit growers, nurseries and packing houses, though the spinout has not offered individual amounts for its seed and series A rounds.

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