Ankeny, Iowa, USA
August 12, 2020
PowerPollen®, an ag tech company focused on improving agricultural productivity through improved pollination, announced today the close of its $13 million Series B funding round to accelerate global adoption of its pollination on-demand technology in corn seed production and expand innovation to corn grain, wheat and rice. The round will expand PowerPollen’s ability to help customers increase yield and enable product innovation across a wider diversity of hybrids by preserving and applying pollen on-demand. New investor Ag Ventures Alliance and several return investors, including Iowa Corn Growers Association, materially participated in the round.
Pollination is notoriously inefficient due to a short window of reproduction in staple crops, such as corn, wheat and rice. This inefficiency limits genetic diversity and the flexibility of in-season decision making to ensure optimal yield necessary to meet global food demands. PowerPollen’s patented pollination technology is the first to successfully collect, preserve and apply pollen on-demand at commercial scale. Since its invention, PowerPollen’s technology increased yield as high as 44% on commercial corn seed production acres and decreased environmental variation to improve risk management. In addition, PowerPollen’s technology improved labor and land utilization, while reducing seed discard.
“PowerPollen has achieved significant milestones in a short period as the impact of its novel technology is readily recognized by global agribusinesses. We see tremendous growth and market potential in corn for this novel pollination technology and believe it enables the delivery of new and innovative products to corn farmers all while providing significant contributions to achieving global food security and sustainability goals,” said Brian Jones, chief operating officer at the Iowa Corn Growers Association.
In April, PowerPollen and Corteva entered into an agreement expanding the use of pollination on-demand technology to increase seed yield, purity and quality of Corteva’s commercial corn seed production. In addition, PowerPollen and BASF announced in July a research collaboration to apply PowerPollen’s technology and prescriptive pollination algorithms in corn to enhance BASF’s hybrid wheat program.
“Ag tech innovation and adoption remain critical to helping farmers increase productivity and profitability in a sustainable way. For the first time in history, we have the potential to extend the lifespan of pollen at a commercial scale, and then apply it on-demand in three of the world’s most valuable crops. This innovation is key to unlocking yield and improving quality,” said Dr. Todd Krone, co-founder and CEO of PowerPollen.
Many return investors joined the round showing ongoing support for the potential impact of pollination technology on global crop production.
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