Israeli root focused plant breeding company Rootility announced today that it has closed a $10 million series C financing round led by ADM Capital’s Cibus Fund and with the participation of existing investors GreenSoil Investments and Middleland Capital.
The new investment round will enable the company to expand its sales in new markets and further develop new generations of its unique rootstock breeding solutions for a wider variety of crops. The Ashkelon-based company develops innovative root-focused plant breeding methods that dramatically increase crop yields and overall agronomic performance.
Rootility founder and CEO Rafael Meissner said, “Over the last several years we have been able to revolutionize rootstock breeding in several crops including industrial and open field fresh tomatoes. With this additional investment we will be able to scale our operations and enter new territories where ADM Capital has a strong foothold, including several markets in Asia.”
Cibus Fund senior investment director Alastair Cooper said, “We have been extremely impressed by the products and the team at Rootility. The company has developed and introduced revolutionary rootstocks to the market which dramatically increase yield, while preserving crop quality. Rootility’s unique approach which harnesses innovative technologies is a natural fit for the Cibus Fund which focusses on investment opportunities in sustainable food processing and production companies spanning growth through mid-market businesses. We are excited to help Rootility continue to evolve current practices, funding its next stage of development and building an exciting market for the company.”
Cooper will join the board of directors of Rootility. Andre Goig, an eminent seed industry veteran and previous head of Syngenta’s global vegetable seeds business, also recently joined the board.
Rootility’s methods are GMO-free, based on sophisticated simulation and empirical work in combination with well-known breeding techniques, which enable the Company to cross and screen crops at a large scale and high speeds. Rootility focuses on roots as drivers of tolerance to environmental changes and performance improvements. The Company cooperates closely with leading seed companies and food processors. The large scale deployment of processing tomato grafted plants in California is an excellent showcase of how Rootility’s approach and technology can change current practices, increase yields, substantially improve tolerances to heat, cold and soil borne diseases like fusarium, thereby building an exciting growth market for the company.
Rootility has successfully applied its technology in a number of crops in different regions globally. Large scale field trials have been conducted over a period of five years and commercial sales have already been initiated.
Published by Globes [online], Israel business news - www.globes-online.com - on May 9, 2018
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