$6.4m for Cropsolution

BT Catalyst,  June, 2002  

• E-mail
• Print
• Link

Cropsolution Inc. of Research Triangle Park has closed on its first financing round of $6.4 million from various venture capitalists and private investors.

The round was led by the Aurora Funds of Durham, with additional investments from ATP Capital of New York, Research Triangle Ventures of Raleigh, Charlotte Angel Partners of Charlotte, and the Atlantis Group of Durham.

"We are delighted to have attracted a strong group of investors that understand the value-creation potential offered by Cropsolution," said CEO Eric Ward. "This financing round gives us ample resources to accomplish important milestones for building the value of the company."

"Cropsolution has one of the best teams we have seen for a company at this stage," said Jeff Clark, general partner for the Aurora Funds. "The unique combination of experience, leadership skills, and business prowess bodes well for the company's future success."

Cropsolution discovers and develops novel agrochemicals for protecting crops from diseases, insect pests and weeds. Crop protection chemicals are a $30 billion market worldwide.

The company uses a proprietary technology called Evolutionary Chemistry[TM] that permits the synthesis and selection of thousands of times more molecules than can be achieved with any other technology.

Spun out from Invenux Inc., a pharmaceutical biotechnology company in Denver, Colo., Cropsolution has the exclusive license for Evolutionary Chemistry[TM] in agriculture.

"Evolutionary Chemistry[TM] will cut at least two years off the time needed to discover and develop an agrochemical, while increasing the cost effectiveness of the process," said Michelle Hunt, Cropsolution's director of strategic marketing.

For more information visit the company's Web site at www.cropsolution.com.

COPYRIGHT 2002 North Carolina Biotechnology Center
COPYRIGHT 2008 Gale, Cengage Learning