Hi Fidelity Genetics, a Durham, NC-based computational crop breeding company, closed an $8.5m Series A round of financing.
The round was co-led by Fall Line Capital and Finistere Ventures, with participation from Gro Alliance, KdT Ventures, Prairie Crest Capital, S2G and Tom Farms. In conjunction with the funding, Clay Mitchell of Fall Line Capital has joined the Board of Directors as Chairman alongside Finistere’s Arama Kukutai.
The company will use the funds to expand its hardware engineering, data science and molecular teams and to bring its breeding platform to the $50B+ global agricultural seed market, with an initial focus on broad acre crops such as corn and cotton.
Led by Dr. Spencer Maughan, co-founder, and Dr. Bill Niebur, COO and president, Hi Fidelity Genetics is a computational breeding company that uses novel sensors, data science and statistical genetics to create crop plants. Its technology platform enables farmers to manage yield risks by optimizing and protecting crop yield in the face of a volatile climate.
The company developed the RootTracker™ to analyze growing roots in the field, and Luther™, an end-to-end AI breeding engine.