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The Venture Codex

ADM Capital

2801-05, Three Pacific Place, 1 Queen's Road East, Hong Kong

Overview

ADM Capital is an investment manager that focuses on long-term capital by investing in undervalued or event-driven opportunities primarily in emerging markets, but also in developed countries where companies or banks are undergoing debt restructuring.

Total investments
14
Lead investments
4
Investments · 12mo
0
Active investors
2

Sector focus

  • Finance
  • Financial Exchanges
  • Financial Services
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Investment portfolio

  • Future Meat Technologies

    Participated · Series B · Dec 2021

    Future Meat Technologies develops cultivated meat products (chicken, lamb, beef and pork) using proprietary single-cell lines, serum-free media formulations and stainless-steel fermenters that continuously remove waste and recycle nutrients. The company says its rejuvenating fermenters enable cell densities greater than 100 billion cells per liter, translate to production densities 10-times higher than the industrial standard, and can recycle over 70% of nutrients. Future Meat opened the world’s first cultivated meat production line in Israel earlier in the year and is scouting locations in the United States for a large-scale production facility. Management announced the company reduced the cost of cultivated chicken to $7.70 per pound ($1.70 per 110-gram breast), down from under $18 per pound six months earlier. The company positions its product as non-GMO, antibiotic-free, and more sustainable than traditional meat, and plans to break ground on a U.S. large-scale facility in 2022. Future Meat is headquartered in Rehovot, Israel. Future Meat Technologies builds proprietary technology to produce meat directly from animal cells using rapid proliferation of connective tissue cells in stainless steel fermenters that continuously remove waste. The company says its cultured chicken breast production cost has fallen to $7.50, and a quarter-pound serving is now single-digit cost. Its products combine cultured chicken and plant proteins to replicate the texture and aroma of farm-raised chicken and the company is also developing cultured lamb kebabs and beef burgers. Future Meat highlights the ability to produce cultured fat as an advantage over plant-protein approaches. It plans to market products to consumers and restaurants within 18 months and expects a pilot facility to start production in the first half of 2021 while seeking regulatory approval in several territories. The company emphasizes a non-GMO approach and no genetic engineering in its process. Future Meat Technologies develops a distributive, GMO-free cultured-meat platform that produces meat directly from animal cells without raising or harvesting animals. Its process leverages rapid growth of connective tissue cells (fibroblasts) to reach high densities before converting them to cultured muscle and fats. The company is pursuing hybrid products that combine plant proteins for texture with cultured fats for aroma and flavor, and plans a later line of 100% cultured meat. Current small-scale production costs are reported at $150 per pound for chicken and $200 per pound for beef. Future Meat intends to expand R&D and build a pilot production facility south of Tel Aviv, estimated to begin operations in 2020, with hybrid products targeted for competitive pricing by 2021. The company aims to reach a cost below $10 per pound for 100% cultured meat by 2022. Future Meat was founded in 2018 and is led by CEO Rom Kshuk with Prof. Yaakov Nahmias as Chief Scientist. Future Meat Technologies is developing a manufacturing technology to grow animal fat and muscle cells for lab-grown meat. The technology was first developed in the laboratories of the Hebrew University of Jerusalem and the company is working to commercialize scalable production. Founder and chief scientist Yaakov Nahmias says the team reduced production cost from about $10,000 per kilogram to roughly $800 per kilogram, with a roadmap to $5–10 per kg by 2020. The company says it can produce animal fat without harvesting animals and without genetic modification, which it argues is important for flavor. One of its pilot products is lab-grown chicken that chefs have used in recipes. Future Meat is focused on scaling bioreactors and moving away from reliance on fetal bovine serum to enable mass production.

  • BeeHero

    Participated · Series A · Oct 2021

    BeeHero provides a subscription Precision Pollination as a Service (PPaaS) that deploys proprietary in-hive and in-field sensors to collect audio and biological data, analyzed with machine learning to deliver actionable insights to growers and beekeepers. The platform enables growers to optimize crop yields and quality by monitoring pollination effectiveness and offers beekeepers visibility into hive health. BeeHero manages over 200,000 hives across five continents and records 10 million signals daily. Founded in 2017, the company is headquartered in California with R&D in Tel Aviv and employs about 60 people. Financially, BeeHero has reported revenue growth of over 270% year-over-year for the past three years and surpassed $44 million ARR in 2023; it has attracted $64 million in funding to date and receives grants from the Israel Innovation Authority, EU Horizon 2020, BIRD and others. Future plans cited include premium beekeeper solutions such as insurance and working capital, and bee-pollinated commodities price-risk hedging products based on its data. BeeHero offers a Precision-Pollination-as-a-Service platform that uses advanced data analytics, machine learning, and low-cost IoT sensors to bring transparency and efficiency to commercial crop pollination. The company has built what it describes as the world’s largest bee and pollination dataset to optimize pollination and improve crop yields. BeeHero enables commercial beekeepers to remotely track and monitor apiaries and provides growers with real-time insights to support decision-making. The company reports close to 100 thousand acres of high-value crops currently pollinated with its service and has begun expansion into Australia, Europe, South Africa, and South America. BeeHero plans to integrate new platform tools for an even more accurate, real-time view of crop development and is increasing investment in R&D. To date the company has raised $64M and intends to use new funding to accelerate growth and adoption of its Sustainable Agriculture Ecosystem. BeeHero equips honeybee hives with IoT sensors and analytics to track bee movements and health in near real time, enabling early detection of issues like mite infestations. Its platform aims to increase crop yields and hive health while reducing labor by replacing infrequent manual hive checks. BeeHero works with several top almond growers in California and expects to manage 100,000 hives by year-end, aiming to become the largest pollination provider in the U.S. (it is currently the fourth largest). The company plans to expand beyond almonds and the U.S. into berries, avocados, apples, sunflower, soybeans and greenhouse crops like tomatoes, with Australia and Europe on the roadmap depending on partnerships. BeeHero is building a large bee-activity database and has research partnerships with the World Bee Project and Japan’s Ministry of Culture. Financially, BeeHero recently raised a $15 million Series A and won $4 million in grants to fund scaling and international expansion. BeeHero equips honeybee hives with off-the-shelf sensors (temperature, humidity, sound, accelerometer), pollen traps, and computer vision to monitor colony health and pollination efficiency and surface insights via an online dashboard. The platform provides early warnings for issues like mite infestations and aims to reduce colony collapse by delivering actionable insights (e.g., queen stress, pollination quality) rather than raw data. The company reports testing on nearly 20,000 hives and cites yield improvements of 30–35% in soybeans and 70–100% in apples and cashews in South America, as well as mortality reductions of 20–25% in some cases. BeeHero positions its service as “pollination as a service” for large-scale agriculture and is focused on expanding operations into the U.S., targeting high-adoption precision-agriculture segments such as California almonds. It emphasizes low-cost, robust hardware and ongoing R&D, exploring additional crops, improved metrics, and partnerships with universities to apply hive data in academic studies. The company has completed a $4M seed financing to support expansion and continued product development.

  • Burro

    Participated · Series A · Sep 2021

    Burro produces an autonomous cart system that moves crops around the field, marketed as a collaborative, people-scale robot to help with heavy lifting. Its core technology, which the company calls "pop-up autonomy," can navigate spaces without pre-training. The company already has about 90 robots operating in the field, moving table grapes and covering roughly 100–300 miles a day, six days a week. Burro positions its product as a scalable alternative to attempting full automation of tractors or harvesting, focusing instead on augmenting human workers. The company plans to scale production for existing and new customers and aims to have more than 500 robots deployed during 2022. Interest in agtech robotics has accelerated amid pandemic-driven labor shortages, which Burro has leveraged by testing its technology in real-world conditions. Augean Robotics develops Burro, an autonomous, collaborative robotic platform that uses computer vision and AI to navigate farms and automate in-field transport. The company sells robots-as-a-service to growers of labor-intensive crops (table grapes, blueberries, cherry tomatoes, nursery plants) who use Burro as a virtual conveyor belt to free workers for higher-value tasks. Augean says its robots can increase productivity by up to 30% and are intended to lay a foundation for greater autonomy through proprietary datasets. The raise will be used to accelerate commercialization of Burro and to develop the datasets needed to enable further autonomy. The company was founded in 2017 and is based in Philadelphia. Several pilots and awards (including winning the AgSharks Competition) support its commercialization trajectory, with a target of widespread commercial availability by the end of 2019.

  • Square Yards

    Led · Debt Financing · Jul 2021

    Square Yards operates an integrated real estate and mortgage platform with businesses across brokerage, a mortgage marketplace (Urban Money), rental and property management (Azuro), and a home interiors brand (Interior Company). The group has a presence across India, the UAE, Australia, and Canada and says Urban Money facilitated loan disbursals worth Rs 87,831 crore in FY26 through partnerships with more than 150 banks and NBFCs. Financially, the company reported FY26 operating revenue of Rs 2,086 crore, a 48% year-on-year increase, and EBITDA of Rs 176 crore, up 3.7 times year-on-year, with an EBITDA margin that expanded to 8% from 3% in FY25. Square Yards has been scaling its portfolio of businesses across the real estate value chain and recently raised capital at a valuation exceeding $1 billion as it prepares for a planned IPO. Management plans to use fresh funding to accelerate expansion and bolster technology and IPO readiness.

  • Moleaer

    Participated · Series B · Jun 2021

    Moleaer develops and deploys patented nanobubble generators that supersaturate water with oxygen or other gases to enable chemical-free disinfection, improve infiltration, and boost process performance across industries. The generators produce nanobubbles—2,500 times smaller than a grain of salt—and deliver industry-leading oxygen transfer rates greater than 85%. Moleaer has deployed more than 1,500 systems in over 30 countries, treating a combined 500 million gallons of water per day and improving plant health at more than 400 farms (with reported yield increases up to 56%). The company says its technology can increase wastewater treatment capacity by up to 25%, lower energy consumption by up to 40%, reduce irrigation needs by more than 12%, and cut oxygen costs in salmon farms by over 30%. Founded in 2017 and based in Carson, Calif., Moleaer positions itself as the category creator of a rapidly growing multi-billion-dollar market and plans to use new funding to accelerate global deployment of its technology. The company has received recognition including Global Cleantech 100 status and the 2022 Impact Award by Real Leaders Magazine. Moleaer is developing a patented nanobubble technology that provides high oxygen transfer rates in the aeration and gas infusion industry. The technology is applied to increase sustainable food production, restore aquatic ecosystems, and improve natural resource recovery. The company has over 1,000 installations and is treating more than 225 million gallons of water per day across agriculture, aquaculture, surface water, and natural resources. Moleaer closed a $9M Series B funding round. The company intends to use the funds to expand global commercial and manufacturing operations, advance R&D of new nanobubble applications, and introduce new service offerings including equipment and water quality monitoring and nanobubbles-as-a-service (NaaS). Moleaer is led by CEO Nicholas Dyner and is based in Carson, CA. Moleaer develops industrial-scale nanobubble generators that dissolve gases into liquids for applications such as indoor farming, metal separation, wastewater treatment and oil recovery. The company is led by CEO Nick Dyner and is based in Los Angeles, CA. Its nanobubble technology is used to help farmers grow crops, enable oil and mining companies to recover more resources, and allow industries to treat water and wastewater more efficiently. Moleaer raised $5M in funding to support its growth. The company intends to use the proceeds to expand its capability to support agriculture customers and to pursue new applications. Moleaer develops industrial-scale nanobubble systems that provide gas transfer and flotation capabilities for a wide variety of applications. Its generators are used in water and wastewater treatment, agriculture irrigation, metal separation and oil recovery. The company is based in Torrance, CA and is led by CEO Nick Dyner. In May 2018 Moleaer raised over $6m in funding in a round led by Energy Innovation Capital. The company said it will use the funds for global commercial acceleration and expanded application development. As part of the financing, EIC’s Kevin Skillern joined Moleaer’s board of directors.

Team

  • Christopher Botsford

    Chief Executive Officer & Founder

  • Alastair Cooper

    Head of Venture Capital Investments

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