Agrisoma Biosciences, a Gatineau, Canada-based agritech company, is raising a Series A financing, which is expected to total $8m through 2014.
The round was led by Cycle Capital Management with participation from BDC Venture Capital. In conjunction with the funding, Agrisoma has appointed Rick Smith, former president and CEO at Dow AgroSciences Canada, to its board as well as John Plaza, president/CEO and founder of Imperium Renewables and Andrée-Lise Méthot, founder and Managing Partner of Cycle Capital.
The company intends to use the funds to expand its commercialization efforts.
Led by Steven Fabijanski, President and CEO, Agrisoma Biosciences has commercialized carinata, a non-food oilseed crop designed for sustainable production of biofuels. The company sells carinata seed products under the Resonance brand name. It is under commercial production in the USA and Canada and the oil has been used in the production of biodiesel, renewable diesel and biojet fuels.