Arcadia gets $15M for agriculture tech

Davis, Calif.-based Arcadia Biosciences said it has raised $15 million for its agricultural technology that reduces water and nitrogen consumption by plants.

Arcadia says its technology also results in salt-tolerant plants that could help improve yields for farmers across the globe.

Arcadia has worked with canola, corn, wheat, rice, cotton, sugar beets, sugarcane and turf grass.

"Our agricultural trait technologies can produce crops with yields comparable to those of conventional crops, but with the benefits of using less nitrogen and fresh water," Arcadia CEO Eric Rey said in a release. "This not only increases on-farm profitability but also provides significant environmental benefits as it reduces the amount of nitrogen released into the environment and the amount of fresh water used for irrigation."

The new round came from existing investors Exeter Life Sciences, CMEA Capital, BASF Venture Capital America and Saints Capital.

Arcadia plans to use the new money to launch its first commercial product, a safflower oil with improved levels of healthful fatty acid. Arcadia plans to begin selling safflower oil later this year through a partnership with Bioriginal Food and Science.

Rey said the company also plans to use the money to develop other new commercial products.

Arcadia has research and commercial agreements with Monsanto, DuPont, ScottsMiracle-Gro, SESVanderHave and Mahyco Seed Company.

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