Investment marks largest financing deal to date for an F3 Tech accelerator company
EASTON, MARYLAND, USA, October 11, 2021 /EINPresswire.com/ — 5Metis, an F3 Tech 2021 Accelerator portfolio company, has just raised $10 million from investors in an oversubscribed Series A Preferred Stock financing round. This marks the largest investment deal in the history of the Accelerator program, supported by the Eastern Shore Entrepreneurship Center, a non-profit, and the U.S. Economic Development Administration. 5Metis is a new pure-play discovery company for crop protection and plant health technologies.
“The companies we have invited to this year’s program are more mature than ever before and represent some of the best investment opportunities and talent our industrial partners desire,” said F3 Tech Program Director Chris Hlubb. “It’s the largest amount any company has raised during our program, and we are excited to work with the management team at 5Metis to begin commercializing their technology through partnerships.”
Founded in 2021, 5Metis uses the technology platforms of two leading agricultural technology companies, Boragen Inc. and AgriMetis, LLC to combine boron-based small molecule discovery and synthetic biology for discovering new modes of action for crop protection. Through the accelerator program, F3 Tech will now work with 5Metis to expedite commercial outreach and partnerships for the company.
Headquartered in Research Triangle Park, NC, 5Metis is led by agricultural industry veterans Steve Tuttle, Brian Green and Hannah Webb. Tuttle has held senior positions within Dow AgroSciences and the Dow Chemical Company, including serving as its global business director for the insecticides and fungicide portfolios. Green, a co-founder of AgriMetis – one of the parent legacy company of 5Metis – has led research programs at several chemical companies and Johns Hopkins University. Webb, a microbiologist, manages business development at Boragen, the other parent legacy company of 5Metis.
“There’s need in the market to bring new modes of action to the industry for crop protection and plant health,” Tuttle told WRAL TechWire in an exclusive interview. “If successful, the company will yield solutions for growers and farmers that could boost crop protection and crop health.”
About F3 Tech
The F3 Tech Accelerator Program provides funding and support for early-stage companies to prepare them for potential investment from the future F3 Tech Seed Fund, industry partners, and investors. For more information, please visit: https://f3tech.org/.
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Source: EIN Presswire