New Investment Opportunity: BetterSeeds
Adapting today's crops for the challenges of tomorrow
- Editing select genes of cash crop seeds to produce new varieties with new traits, more resistant to climate change and disease, support automated harvesting, increase overall yields
- Sole AgTech licensee of CRISPR technology, owned by Merck Pharmaceuticals
- Focusing on cannabis, tomato, legumes, vegetable seeds, perennial crops
- Target customers are seed and cannabis companies; pre-revenue, forecasting $20M in 2023
- $7M round; company aiming for IPO within 18 months
Dear Josb,
Due to population growth and changing consumption patterns, the world will need to increase food production by 70-100% in the next half century. Land, water, energy and other natural resources are already strained. Technology provides an interim solution, mainly as it is based on current crops that are genetically unfit for the changing environment.
OurCrowd is investing in BetterSeeds, an Israeli startup that uses CRISPR gene editing technology to produce seeds for crops with increased nutritional value and higher yields, suitable for automated harvesting, and adaptable to changing climate conditions. The details in this email are based on information received from, and verified solely by, the company.
The Technology
BetterSeeds is the sole Israeli commercial licensee of CRISPR gene editing technology for crop design. CRISPR does not typically insert any foreign genetic material into the seed. Instead, it removes or deletes certain genes – for example, a gene that makes a plant susceptible to mildew. Since no foreign genetic material is introduced, the new seeds are considered non-GMO, which has marketing and regulatory advantages, avoiding the stringent regulation and negative public perception applied to GMO products.
The company has 16 patent families covering both genes expressing specific game-changing traits and its CRISPR delivery system. The company has a pipeline of five additional patent drafts covering additional CRISPR and crop genetics technology.
BetterSeeds was chosen by Merck Pharmaceuticals to validate its CRISPR gene-editing patent portfolio application in crop design and is the first AgTech licensee with access to this portfolio.
The Solution
BetterSeeds' novel techniques will make CRISPR technology more widely available as a generic method that can be applied to a broad variety of crops.
BetterSeeds is initially focusing on cannabis, tomato, legumes, vegetable seeds and perennial crops. It is the only company that has developed stable cannabis parental lines to produce uniform seeds.
First Revenue
The company is aiming for commercial launch this year and forecasts $20M revenue in 2023.
The Round
OurCrowd is joining this $7M round with an up to $2M allocation. Proceeds will be used to complete development and start marketing the company's first products and related IP. The company may raise an additional round later this year to support commercialization. BetterSeeds is aiming for an IPO within the next 18 months.
Meet the CEO
We're hosting a webinar/conference call on Thursday, February 17th, at 7PM Israel / 12 Noon New York / 9AM San Francisco for investors to meet Ido Margalit and learn more about BetterSeeds.
Can't make the webinar? Register and we will send you a recording of the call.
The BetterSeeds Solution
BetterSeeds uses a three-step process:
- Identify game-changing crop traits.
- Design superior traits using gene editing.
- Apply and improve CRISPR and other technologies for the development of proprietary better seeds.
BetterSeeds is working on traits that increase yields, improve nutritional values, improve suitability for automated harvesting, and improve adaptability to climate change.
Next steps:
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