Participated · Equity · Sep 2024

Arzeda builds a protein-design platform that uses biophysics-informed AI combined with generative methods (large language and diffusion models) trained on a proprietary dataset to design enzymes and proteins. The company targets non-biomedical, industrial and consumer applications—its first product is a natural stevia-based sweetener for an unnamed consumer brand, with pipeline projects including laundry detergents for Unilever and biodegradable materials co-developed with W. L. Gore. Arzeda also handles experimental validation and manufacturing of its designs and generates revenue from both sales of proteins/enzymes and end products made with contracted partners. The firm reports a 70-person team and says it is generating revenue, with customers including Unilever, W. L. Gore, AAK and the U.S. Department of Defense. It aims to scale production of its artificial sweetener and commercialize additional enzymes while working toward corporate-EBITDA-positive performance. Arzeda is a Seattle-based protein design company that engineers proteins and enzymes to replace ingredients with a high environmental footprint. The company uses a platform that combines physics-based computational protein design, machine learning, and lab automation to design and build new molecules. It works in partnership with Fortune 500 companies and industrial leaders to develop sustainable products for food & nutrition, advanced materials, and diagnostics & pharma industries globally. Led by CEO Alexandre Zanghellini, Arzeda intends to accelerate product development and commercialization of new enzymes. The company raised new capital to fund those commercialization and product development efforts. Arzeda leverages an advanced protein design technology and a proprietary platform to design enzymes and biological pathways for commercial production. The company develops a portfolio of enzymes and specialty chemicals targeting polymers, advanced materials and health and nutrition markets. It serves global manufacturers, including DuPont, Mitsubishi Chemical and INVISTA, and works to improve crop yield and resilience. Led by co‑founder and CEO Alexandre Zanghellini, Arzeda is expanding its product development pipeline. The company will use the new funding to expand the throughput capacity of its protein design platform and advance products toward commercial production. The close of the Series A comes as Arzeda gains traction in the synthetic biology and bioeconomy markets.

Led · Series B · Dec 2023

Lingrove develops a carbon-negative wood veneer alternative called "ekoa", made from flax fiber and plant-based resins. The company says ekoa delivers "very high stiffness, durable, and resistant" performance comparable to or better than traditional veneers and laminates. Management highlights indoor-air benefits, noting ekoa is low-VOC and can improve indoor air quality versus some recycled plastics that offgas. CEO Joe Luttwak said, "We have a healthy-air, low-carbon, high-performing and beautiful product." Ekoa can be tuned for different shades and opacities and can be ground up and reused at end of life. Lingrove raised $10 million in a Series B to scale manufacturing, fulfill preorders, and expand into automotive interiors.

Participated · Series B · Dec 2023

AgroSpheres has built a fully vertically integrated platform that manufactures, encapsulates and delivers biological pesticides—encasing RNA actives in a protective shell to improve stability, shelf life and field performance. The encapsulation shields active ingredients from heat, UV and other environmental factors, enabling a consistent gene-silencing response that targets pests while sparing beneficial insects such as bees. The company says its AgriCell approach is microplastic-free and biodegrades after use, aiming to reduce overall pesticide use and biodiversity harm associated with conventional crop protection. AgroSpheres is advancing regulatory approvals with the U.S. EPA and is co-developing a new product pipeline with major industry partners. The startup is building a pilot facility in Charlottesville to support scale-up and plans to have its first product approved and in market by the end of 2024. It has also launched a plant health program with the Institute for Advanced Learning and Research to develop compounds that increase yield and drought tolerance. AgroSpheres develops a delivery platform that makes it cost-effective to deliver oils, small molecules, and semiochemicals in the field at reduced doses. Its patented AgriCell and AgriShell technologies enable the development of biological pesticides with multi-year shelf-life and high efficacy in the field. The company offers friendly crop health products and plans to broaden applications of its AgriCell platform. Management is led by CEO Payam Pourtaheri and CTO Ameer Shakeel. AgroSpheres raised $22M in a Series B and intends to use the funds to accelerate product commercialization and expand manufacturing capacity. The financing is intended to support commercial scaling and seeding of broader platform applications.

Participated · Equity · Aug 2023

Bushel develops software tools that digitize, permission, and accelerate information, transactions, and payments across the agricultural supply chain. Its platform includes a flagship mobile app, websites, trading tools, digital payments, market feeds, API services, and farm management software. Key products and initiatives include Bushel Wallet for digital payments and Bushel Farm, a next-generation farm management software launched after the acquisition of FarmLogs in 2021. The Bushel Network comprises more than 100,000 farmers and 2,600 grain and ag retail locations and securely manages account-related data for more than 45% of farm-originated grain in the U.S. and Canada annually (an estimated 10 billion bushels). Enterprise customers such as Scoular, The Andersons Inc., and ADM use the platform, and the company is SOC 2 Type II compliant and processes debit transactions over PCI-certified networks. Bushel offers a software platform — including a mobile app, websites, trading tools, market feeds, API services and a custom software division — that connects growers, grain buyers, ag retailers, protein producers and food companies. The platform integrates with grain accounting systems, trading desks, farm management systems, insurance companies and market feeds to standardize and permission data across the supply chain. Monthly, 60,000 growers use Bushel’s products and nearly 2,000 grain buying locations across the U.S. and Canada rely on the platform; Bushel reports its platform reaches 40% of U.S. grain origination and $22 billion of grain is contracted annually within its ecosystem. Bushel plans to introduce payments, credit and trading offerings and increase data services to help consumer brands sustainably source commodities and accelerate current product offerings. The company emphasizes data security, ownership and transparency and positions itself as an independent integration hub to reduce manual processes and strengthen grower–agribusiness relationships. Bushel was founded in 2011, launched its platform in 2017, and is headquartered in Fargo, N.D. Bushel provides software technology solutions that integrate into grain elevator accounting systems and market feeds to deliver real-time account information directly to growers. Its elevator-branded apps power real-time scale tickets, contracts, commodity balances, futures, prepaids, cash bids, settlements, e-sign and contract management. The product suite also includes websites and market feeds and a custom software division focused on agriculture. Since launching in 2017, Bushel's software has powered 1,200+ grain facilities across the U.S. and Canada. The company intends to use new funds to accelerate offerings for the grain industry and broader agriculture supply chain, including technology and solutions to improve profitability and market access for growers and to enhance efficiency and insights for financial services and farm management companies. Planned work also includes linking in-season production data and sustainable practices with downstream traceability and enabling direct and local sourcing of grains and other crops. The company is led by co-founder and CEO Jake Joraanstad. Bushel offers a patent-pending, cloud-based platform delivered through business-branded mobile apps that gives growers real-time access to scale tickets, contract settlements, cash bids, pre-pays, e-signatures and contract management. The platform is powered by a proprietary translator developed by Myriad Mobile and includes an API and secure infrastructure to connect fragmented systems across the grain value chain. Since launching in June 2017, Bushel has expanded from ten pilot locations to more than 400 elevator and ethanol plant locations across the U.S. and Canada, and more than 20,000 growers have access to Bushel-powered apps. The company plans to use new funding to expand its reach, accelerate product roadmap and R&D, improve customer success, and evaluate strategic acquisition opportunities. Bushel is positioned as a free, grower-facing tool offered through trusted grain buyers and has been adopted by leading elevators, cooperatives and ethanol plants such as Landus Cooperative, Agtegra and Flint Hills Resources. Myriad Mobile’s custom software division will continue to provide ongoing strategy, design and development services for Bushel.

Led · Series B · Dec 2022

Stony Creek Colors manufactures plant-derived natural indigo dye using proprietary seed genetics and extraction processes. Since its inception in 2012, the company has developed strategic farm partnerships to provide brand customers with a fully transparent seed-to-factory supply chain. Led by founder and CEO Sarah Bellos and based in Springfield, TN, Stony Creek serves brand customers with high-performing plant-derived dyes. In February 2022 the company raised $4.8M in a Series B2 round. The company intends to use the funds to further refine its proprietary plant-derived indigo system and scale up production. Stony Creek Colors develops and supplies a proprietary, high-purity natural indigo dye grown from a company-developed indigo plant variety. The firm’s BioPreferred-certified, plant-based indigo is free of hazardous chemicals commonly used in synthetic indigo production. Stony Creek has scaled cultivation on land formerly used for tobacco and positions its crop as a high-margin rotation opportunity that can sequester carbon and reduce fertilizer needs. The company targets denim mills and broader textile, food, and beverage markets seeking natural, eco-friendly colorants. Under CEO and founder Sarah Bellos, Stony Creek became the first U.S. company to grow indigo at a commercial scale usable by the denim industry. The company recently closed a new financing round to fund geographic expansion of its indigo-producing crops and processing capabilities.