ZeaKal, an agriculture biotech in San Diego, announced Wednesday that it has raised $5.3 million in a Series B round. In conjunction with the financing, ZeaKal also acquired San Diego-based Algenetix, a renewables company.
The financing round, which brought ZeaKal’s total raised capital to $9.1 million, was led by Finistere Ventures with participation by Middleland Capital, among others.
With the funding, ZeaKal will expand its PhotoSeed product development pipeline and bring its lead soybean product into field trials this May, according to a ZeaKal news release. PhotoSeed plants, ZeaKal’s lead product, can harvest more sunlight, fix more carbon dioxide and do so with less water. This means better yields for farmers, with forecasted yield improvements by as much as 20 percent.
ZeaKal also acquired Algenetix, an industrial biotechnology company developing renewable materials and energies from plant-based sources. Financial details of the Algenetix acquisition were not disclosed.