Advanced crop technology company E Green Global Co. Ltd. (EGG) announced this week that it has raised additional equity funding from ADB Ventures, the venture capital arm of the Asian Development Bank (ADB). EGG has secured $15M in total, including an investment from the YD-SK-KDB Social Value Fund, to scale its agri-biotech platform for the potato industry.
The company says in a press release that potato farmers often lack access to quality seed potatoes, resulting in significantly lower and more volatile yields. Traditional seed potato production is costly, limited to one or two harvests a year and is prone to diseases, weather conditions, and climate impacts. As a result, less than 10% of the global potato seed supply is certified good quality and disease-free.
EGG says in the release that it has developed “the world’s first platform for successfully producing high-quality lab-grown seed potatoes (microtubers) at commercial scale.”
EGG uses patented tissue culture technology to mass produce and continually harvest disease-free microtubers throughout the year in bio-secured plant factories. The microtubers are machine-planted directly in the field to produce seed potatoes at a much lower cost, with higher productivity, and in a significantly shorter time span compared to any other conventional method, EGG says.
This game-changing breakthrough was recognized in September this year when EGG won the prestigious PotatoEurope’s Golden Innovation Award in recognition of the company’s innovation and widespread impact in the potato market.
“EGG is the first company that effectively enables ‘Lab to Farm’ commercial seed potato production on a global scale. We believe that EGG’s Microtubers technology can supercharge efficiency for potato farmers and processors by enabling faster, better, and cheaper crops in Asia-Pacific and across the $144 billion global potato market,” said Minsoo Kim, ADB Ventures Investment Specialist.
Source: E Green Global Co. Ltd. (EGG)