Mystic-based Enko, which uses machine learning to identify new crop chemicals, announced Wednesday that it had raised $70 million in Series C funding.
The company’s overall capital raised to date totals $140 million, Enko said in a statement. The latest round was led by Australian agrochemical company Nufarm as part of an expanded partnership with Enko.
Other investors include Anterra Capital, Taher Gozal, the Bill & Melinda Gates Foundation, Eight Roads Ventures, Finistere Ventures, Novalis LifeSciences, Germin8 Ventures, TO Ventures Food, Endeavor8, Alumni Ventures Group and Rabo Food & Agri Innovation Fund.
Nufarm Managing Director and CEO Greg Hunt said, “We were early investors in Enko and have followed the performance of their pipeline in the lab and field over the last two years with increased interest… We were delighted to invest in this Series C financing round.”
Enko said it would use the new funds to advance its product pipeline of crop protection chemicals. In addition, the funds will expand Enko’s ENKOMPASSTM platform, which combines DNA-encoded library screening with machine learning and structure-based design to quickly identify new candidates.
Enko’s lead product is currently a line of herbicides that have shown positive results compared to industry standards like glyphosate, marketed as Roundup. The company is partnering with Syngenta and Bayer on developing new products.
In June, Enko announced it would tap into DNA-encoded libraries and drug-discovery technology from Massachusetts-based X-Chem to help it develop new ways to protect crops.
Contact Liese Klein at lklein@newhavenbiz.com.
