Agronomics Limited's GALY Secures $33 Million in Financing
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Agronomics Limited's GALY Secures $33 Million in Financing
Agronomics Limited, a prominent player in cellular agriculture, is excited to share that its portfolio company, GALY CO., has successfully closed an oversubscribed Series B financing round, raising US$ 33 million. This significant funding event was spearheaded by Breakthrough Energy Ventures LLC, with additional support from notable investors like H&M Group Ventures and Industria de Diseño Textil, S.A. (through Mundi Ventures).
Innovative Approach to Cotton Production
Established in 2019, GALY aims to revolutionize traditional agricultural practices. Its flagship product, GALY Cotton, strives to provide a sustainable alternative to conventional cotton, a crop that heavily burdens the environment. Retaining the essential properties of traditional cotton, GALY Cotton offers several environmental benefits, including a reduction of 99% in water usage, 97% in land required, and a significant decrease of 77% in CO2 emissions as it approaches pre-industrial quality and scale.
Future Development and Agreements
The newly acquired funds will primarily support GALY's research and development on its innovative cellular agriculture platform. Notably, GALY has secured multiple proof-of-concept agreements with industry leaders and a notable 10-year offtake agreement valued at US$ 50 million with Suzuran Medical Inc., a Japanese manufacturer of medical supplies. These agreements are crucial for its commitment to sustainability and innovation in agricultural practices.
Company Statements and Vision
Luciano Bueno, CEO of GALY, expressed enthusiasm about the investment: "We are thrilled to have investors who recognize the crucial role that our climate adaptation technology will play in our daily lives. As agricultural supply chains face increasing fragility due to climate change, GALY aims to provide solutions to bolster these systems against future disruptions."
Commitment to Sustainable Practices
Jim Mellon, Co-Founder and Executive Chair of Agronomics, emphasized the importance of their mission. "The production of cotton is one of the largest consumers of water and pesticides in agriculture. With GALY’s innovative approach to biomanufactured cotton, we can reduce the environmental footprint across various industries, including medical and textile sectors. This funding is a significant advancement for GALY, and we eagerly await their progress toward commercial production."
About GALY CO. and Agronomics Limited
GALY CO. was launched with a dedication to finding novel, sustainable agricultural solutions. The company’s efforts in cotton production address crucial environmental challenges associated with traditional practices, such as excessive water consumption, use of harmful agrochemicals, and ethical labor issues. By leveraging advanced technologies, GALY aims to enhance agricultural efficiency and sustainability. Agronomics, a leading London-listed venture, strives to fund companies pioneering in cellular agriculture technologies with the goal of transforming food and material production processes. It continues to build a robust portfolio with over 20 innovative companies committed to sustainability and responsible practices.
Frequently Asked Questions
What is GALY and its significance in agriculture?
GALY is a climate tech company focusing on sustainable alternatives to conventional agricultural products, beginning with its innovative GALY Cotton.
How much did GALY raise in Series B financing?
GALY raised US$ 33 million in its Series B financing round, aimed at enhancing research and production capabilities.
Who was involved in the funding round?
The financing round was led by Breakthrough Energy Ventures LLC, with participation from H&M Group Ventures and Industria de Diseño Textil, S.A.
What are the environmental benefits of GALY Cotton?
GALY Cotton uses 99% less water, 97% less land than traditional cotton, and produces 77% less CO2, offering a more sustainable solution.
What are the next steps for GALY following the funding?
GALY plans to use the funds primarily for research and development, as well as fulfilling existing agreements with industry partners.
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