Mumbai: Tech-focused VC fund, Inflexor Ventures, led the Pre-Series A round of INR 9 Crore in Agbiotech startup, BioPrime Agrisolutions (BioPrime). The current round of funding also saw participation from its existing investor, Omnivore. Inflexor has invested in 10 companies so far since November 2020, from its Fund II, companies including Atomberg, GramCover and Kale Logistics.
The company aims to utilise the funds for their SNIPR Biologicals registrations, advancing the discovery platform, building a strong IP portfolio, increasing production capabilities, and expansion.
BioPrime, founded by Dr Renuka Diwan, Dr Amit Shinde and Dr Shekhar Bhosle, develops affordable agri-biologicals that modulate the basic physiological responses in crops using small biomolecules. These products improve crop resistance to insects and pests and help crops manage abiotic stress such as high temperature, excessive water, drought and other climatic adversaries. These products are not chemical based, are residue-free, organic, and are less expensive than chemical-based fertilisers and pesticides; thereby reducing the overall farm input expenses.
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Speaking on the funding, Renuka Diwan, CEO of BioPrime Agrisolutions said, “Bioprime works to transform the way we grow crops making food more nutritious, and residue-free while restoring soil health using cutting-edge technologies and approaches, always keeping sustainability at our core. At Bioprime we are focusing on discovering fundamental aspects of plant communication, developing novel biologicals based on trait-modifying microbes and physiology-modulating molecules.”
“We believe that the stellar founding team of BioPrime is well equipped to solve the complex food security problem brought to the forefront by climate change. The IP-led, high-throughput biomolecule discovery platform will facilitate faster market access. Such a technology platform fits well with Inflexor’s investing thesis of backing impactful, pure science companies from the Indian deep-tech ecosystem,” said Pratip Mazumdar, Partner at Inflexor Ventures.
“BioPrime is our first investment under the OmniX Bio initiative, which backs early-stage agrifood life science start-ups. We started OmniX Bio with the knowledge that innovations in agrifood life sciences can be the most effective weapon to combat climate change. BioPrime is an excellent example of an invention designed to improve human and planetary health alongside farmer incomes and we are delighted to back them,” said Jinesh Shah, Partner at Omnivore Partners.