Agritech company Agrivida has raised $20.4 million in a Series E funding that will be used to commercialize its Grainzyme feed enzyme for poultry and swine as well as develop the product for use in dairy and beef cattle.
According to Spencer Swayze of the University of Texas Investment Management Company, which led the round, Grainzyme has the potential to improve production efficiency while reducing raw material and energy costs in the growing feed enzyme market.
Previous investors Kleiner Perkins Caufield & Byers, ARCH Venture Partners, Cultivian Sandbox, Middleland Capital, and Northgate Capital also jointed the round.
Agrivida’s Grainzyme process uses protein expression and storage in grain to simplify enzyme production. The company expects to commercialize Grainzyme in 2017. It will be the company’s first feed enzyme product.