JITO Angel Network Participates In $7mn Investment Round
This is JAN's first investment in the agritech space and third investment in companies located outside of India.
JITO Angel Network (JAN), the only global community-based Angel network in India, has participated in a $7 million investment round in Israeli-based bio-agritech company BetterSeeds, via the global venture investing platform OurCrowd.
This is JAN's first investment in the agritech space and third investment in companies located outside of India. The network's investment portfolio, otherwise expands across sectors such as media and entertainment, deep IoT, healthcare, ecommerce, automotive, and green energy.
BetterSeeds, co-founded by renowned agronomist Ido Margalit and molecular biologist Dr. Tal Sherman, develops seeds that support automated harvesting, better nutritional values, bigger yields, and adaptability to changing climate conditions. It uses the world's most advanced gene editing (non-GMO) technology, CRISPR technology, to design agricultural crops for desirable traits.
The venture is also one of a select few group of companies that has been granted a licence to use CRISPR techniques for crop design, and the only such company in Israel. The company holds an extensive patent portfolio protecting the genes that determine those traits to be included in the genetic platform of the seeds produced.
"We can't be prouder to support Betterseeds' innovative solution in developing seeds that have the capability to respond to climate change patterns. The breakthrough CRISPR technology that Betterseeds uses to naturally edit genome systems could forever alter crop productivity, and be the answer to solving food shortages and caloric deficiency globally," said Sunil Kumar Singhvi, Vice Chairman, JITO Angel Network.
"We are also keenly watching the agritech space for solutions that are sustainable and will go a long way to improve our response to climate change," adds Singhvi.
According to Adroit Market Research, the global agritech market is estimated to reach around USD 45 billion by 2028, growing at a CAGR of up to 14%.
Rising demand for high performance, superior quality, high efficiency, and productivity products across the agriculture sector with advanced technological capabilities, is expected to push this growth of the sector.