News from the Region

News

9 investors provide Raleigh agtech startup with $444k; firm seeks $306K more

RALEIGH – Startup TerMir, which recently beat out 70 emerging agtech startups from around the country to win the inaugural AgTech Innovation Competition hosted by Alexandria LaunchLabs, also is a winner with some investors.

Nine backers have provided TerMir with $444,000 in debt financing, according to an SEC filing.

TerMir says it wants to raise $750,000 in all.

The Alexandria prize was worth $100,000, which consists of a $75,000 cash award and a $25,000 membership to Alexandria LaunchLabs –  a startup platform for early-stage life sciences and agtech companies located at the Alexandria Center for AgTech in RTP.

LaunchLabs provides move-in-ready office and laboratory space, shared equipment and services, creative amenities, and access to capital through its Alexandria Seed Capital Platform. The facility is also home to UPL, Indigo Ag, and Boragen.

Founded in 2016, Raleigh-based TerMir is developing an antibacterial agent to treat invasive citrus greening disease in US citrus. The product can be applied via irrigation water or as a spray on foliage application.

“The TerMir team is excited to be selected as the prize winner and to become an active member of the campus communities of Alexandria LaunchLabs – AgTech and the Alexandria Center for AgTech,” said Chad Brommer, PhD, co-founder of TerMir, in a statement. “We look forward to making the most of Alexandria’s world-class network of industry experts and investors and its unparalleled offerings.”

Original Article Source: WRAL TechWire