Recent Deals – 20 January 2020

Agriculture & Food

Indigo, a developer of microbial plant nutrition products and farm services, raised an additional $200 million in investment, comprised of $175 million in equity from FedEx and $25 million in debt from Pacific Western Bank, bringing its total capital raised to approximately $850 million. Founded in 2018, the US-based company is advancing microbial solutions that naturally promote plant health and improve agricultural production by leveraging the beneficial microbes that reside within plants.  Since their last round, Indigo has launched and expanded its new business lines. The new capital will support the continued global development of Indigo Grain Marketplace, an ecommerce platform for direct grain transactions, as well as Indigo Carbon, a market providing farmers with a financial incentive to enrich their soils while addressing climate change.

Energy & Food

E-Zn, a developer of zinc reactor technology which converts electricity into zinc for large scale energy storage, raised $3.4 million in a seed round. The round was led by Energy Foundry with participation from MaRS Investment Accelerator Fund, Sustainable Chemistry Alliance and Emeraude Capital. Founded in 2012, the Toronto-based company has developed a technology that metallizes energy – storing energy in zinc metal. This long-duration energy storage solution is also fire resistant, and recyclable/reusable. Funding will be used to commercialize its technology and begin deploying systems in-field with commercial customers.

Materials & Chemicals

Tyton Biosciences, a developer of a closed-loop fiber recycling technology for cotton, polyester, polycotton and non-wood fibers raised $8 million in a Series A round. Tin Shed Ventures, the investment arm of Patagonia led the round and was joined by Marubeni America, Card Sound Capital, and Alante Capital. The company solutions recover raw materials such as cotton pulp and polyester, from discarded clothing and textile waste, creating new fabrics. The investment will be used to scale the solution and accelerate commercialization.

Resources & Environment

Oxford Nanopore Technologies, developer of molecular analysis systems with applications in environmental monitoring and plant science, raised $144 million in a Growth Equity round from a group of undisclosed investors. The investment follows the announcement that the company shelved its plans for a IPO.

Transportation & Logistics

Hesai, a developer of LiDAR technology for autonomous vehicles and natural gas leak detection, raised $173 million in a Series C round led by Bosch Group. Lightspeed China Partners. ON Semiconductor, Qiming Venture Partners, Detong Capital and Axiom Asia Private Capital also participated in the funding round. Founded in 2013, the China-based company develops smart lasers for autonomous cars, and currently has pilots across 18 countries. The company now has over 600 employees and 364 patents and will use the funding to commercialize the product globally.

 

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