Yara invests in Boost Biomes as part of USD 5 million series A round


US-based biotech startup Boost Biomes and Yara International announced 25 June the closure of Boost's USD 5 million series A equity round and a joint development agreement between the two companies.

Yara's investment amounts to USD 3 million. Existing investors, including Viking Global Investors and Y Combinator, participated in the round, the statement said.

Following the partnership agreement, Boost and Yara will expand current efforts to co-develop a new product to enhance the rate of a crop's nutrient uptake from the soil enabling farmers to increase yields with fewer inputs, the statement continued.

Boost says it will use the new funding to continue to develop its biofungicide product, and will further develop its product pipeline and technology platform.

"We are putting Boost's platform technology to work. Yara's evaluation of our technology, and our resulting joint program, further validates that our platform generates a unique data set that can be exploited for many diverse microbiome applications in food and agriculture,” said Jamie Bacher, Boost Biomes' CEO and cofounder.

"We are excited to collaborate with, and invest in, Boost Biomes as part of Yara's focus on innovative microbial approaches within our crop nutrition solutions. A key priority for farmers is efficient and effective use of fertilizers. Boost's technology has the promise to unlock new means to enhance crops' nutrient uptake. This partnership underlines Yara's commitment to further developing our biostimulants product range under the BIOTRYG platform as part of our strategy to promote sustainable farming practices," said Joacim Christiansen, SVP, Yara Farming Solutions.
Boost says its technology enables an understanding of microbial interactions, which the company uses to engineer microbial products that expand the range options to improve crop yield and quality.

Also see: FBSciences and YARA announce partnership agreement, starting with a new FBSciences product to enhance Yara liquid calcium nitrate fertilizers, in the latest issue of New Ag International below.



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