China agriculture biotech program gets $30m
An investment platform owned by the Beijing Changping regional government has committed RMB204 million ($30 million) to a partnership with Origin Agritech that will commercialize genetically modified corn seeds.
Beijing Changping Technology Innodevelop Group (BC-TID) and Origin Agritech will form a joint venture with approximately equal ownership that will incorporate the Origin Life Science Center building in Beijing and two of its existing corn-based biotech pipeline projects. These have both completed multi-year production tests and are entering their final stages of biosafety approval.
Origin Agritech was founded in 1997 with a focus on crop seed breeding and genetic improvement and has gradually expanded into a developer of new rural e-commerce platform and blockchain technologies. It developed the first transgenic corn to receive a biosafety certificate from China's Ministry of Agriculture.
According to a statement, the company has entered into commercialization agreements with multinational and local corn seed companies to license the two products it is planning to develop with BC-TID. The commercialization of genetically modified corn seed technology is part of the government's Five-Year Plan ending in 2020.
Investment in food innovation is surging on the back of several trends related to food safety concerns, environmentalism, and increased health consciousness. Other activity in recent weeks includes Japan's Base Food raising a Series A to develop nutrient-balanced package dinners, and VisVires New Protein, a Singapore-base VC firm dedicated to the segment, confirming a $150 million target for its second fund.
More on Greater China
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.