Arcadia Biosciences raises $33 million
The US plant biotechnology company, Arcadia Biosciences (Davis, California), has raised $33 million from a preferred share offering. The round was led by an investment of $30 million from Indian company Mandala Capital and nine existing investors. It plans to use the funds to accelerate the development and commercial introduction of products from the company's agronomic performance and product quality trait technologies. Arcadia's joint venture with Argentine soybean development consortium Bioceres, Verdeca, recently granted a commercial development licence for stress tolerance technology to South American soybean seed company GDM Seeds. Field trials have been completed in Argentina and the US to generate data for regulatory submissions, which are expected this year. Verdeca was formed in 2012 (Agrow No 635, p 22).