Connecticut-based agritech firm Enko Chem Inc, on Tuesday said it has raised additional funding of $10 million from investment firm Eight Roads Ventures, agrichem company Nufarm, early-stage venture capital firm Endeavor8, and a legal firm Akroyd LLC.
Eight Roads’s India and China participated in the round, taking the total capital raised in Series C round to $80 million. The latest round brings the company's overall capital raised to date to $150 million.
Enko said it will use the capital to advance the company’s product pipeline of crop protection chemistries, with a larger aim of providing solutions for large scale global food security challenges.
Founded in 2017, the startup provides solutions to crop threats ranging from pest resistance to new diseases by applying drug discovery to development approaches.
“Farmers worldwide are struggling with challenges exacerbated by climate change. Enko is working to help farmers adapt and mitigate some of the key challenges to the food chain around the world: pesticide-resistant weeds, fungus and pests,” said Jacqueline Heard, chief executive of Enko.
“These funds will help us to amplify our efforts to bring new crop protection solutions to market."
Enko previously raised a $70 million in Series C in July last year led by Nufarm. At the time, the company said it will use the capital to advance its product pipeline of crop protection chemistries that target critical pests and weeds.
Its technology platform, which combines DNA-encoded library screening with machine learning and structure, is used to find new, better performing and more targeted chemistries.
"The cracks in our global food system are impossible to ignore, and agri bio companies like Enko are at the leading edge of applying new digital tools to drive innovation and future proof our food supply,” said Prem Pavoor, senior partner and head of India, healthcare investments, Eight Roads Ventures.
“By investing in crop protection, we can help improve yields, reduce waste and create more sustainable food systems for our growing population in an increasingly unstable world. In challenging macroeconomic environments, we need to lean into essential systems like agriculture.”
