Business
ANIC invests in Wild Microbes US$3.3m Financing
ANIC invests in Wild Microbes US$3.3m Financing.
About this update from Agronomics Limited
[{"type":"text","content":"\n \n \n 23 February 2023\n \n \n Agronomics Limited\n \n \n (\"Agronomics\" or the \"Company\")\n \n \n \n Agronomics invests in Wild Microbes US$3.3 Million Pre-Seed Financing Round\n \n \n \n Agronomics (ANIC:LSE), the leading listed company focused on the field of cellular agriculture, is pleased to announce that the Company has invested US$ 0.5 million in the form of a Simple Agreement for Future Equity (\"SAFE\"), in Wild Microbes Company (\"Wild Microbes\"), as part of Wild Microbes' US$ 3.3 million Pre-seed financing. The subscription was paid using cash from the Company's own resources.\n \n \n Wild Microbes' proprietary technology will allow it to genetically engineer novel microbial strains for use as host-organisms to produce proteins and other high value molecules. Currently, the majority of precision fermentation companies rely on a small handful of microorganisms to produce proteins. Wild Microbes have the tools that it expects can be used to generate a catalogue of superior microorganisms which can vastly improve production efficiency for the entire industry and bring down costs.\n \n \n The SAFE is expected to convert into preferred shares in Wild Microbes at a future equity financing round, giving Agronomics an approximate equity ownership of 4.17% on a fully diluted basis, and accounts for approximately 0.3% of the last published Net Asset Value of Agronomics (31 December 2022).\n \n \n The full announcement is set out below without any material changes:\n \n \n \n Wild Microbes Announces Successful US$3.3 Million Pre-Seed Financing Round\n \n \n \n Wild Microbes, a company developing next-generation microbes for biomanufacturing, announced today an oversubscribed $3.3 million pre-seed financing round. The company is building the largest catalog of diverse, industrial microbes in the sector using their high-throughput engineering technology. Wild Microbes's scalable platform targets new microbes with unique traits and then rapidly domesticates them and develops them for the manufacturing of sustainable products.\n \n \n \n \n \n The company's initial focus is on new microbes for protein manufacturing. Proteins are used in industries like food, cleaning products, and cosmetics. The production of proteins by microbial fermentation is already a large industry, and its continued growth has the potential to d...