Agrivida Inc., a Saint Louis-based agritech company focused on animal nutrition, completed an initial close of $20.4m Series E financing.
The round was led by The University of Texas Investment Management Company, which was joined by current investors ARCH Venture Partners, Cultivian Sandbox, Middleland Capital, Kleiner Perkins Caufield & Byers, and Northgate Capital.
The company will use the funds to advance the commercialization of patented Grainzyme feed additive enzymes for use with poultry and swine and its regulatory and product development programs for dairy and beef cattle.
Founded in 2004 by Dan Meagher, CEO, Agrivida has developed the Grainzyme Phytase technology, which uses protein expression and storage in grain to simplify the process of enzyme production. The company has been granted 33 patents, with more than 85 pending.