Small ag startups just got the chance to make it big.
According to The New York Times, major seed companies such as Bayer and Syngenta are backing a new effort dedicated to speeding the development of crop technology.
Called the AgTech Accelerator, the venture will be located in Research Triangle Park, N.C., near Bayer and Syngenta’s own research labs.
It opened Thursday with $11.5 million in initial funding, according to The (Raleigh, N.C.) News and Observer, and expects to raise $25 million to $30 million by the end of 2016.
The lead investor is Alexandria Real Estate Equities, which develops science and technology campuses for businesses, and will provide AgTech’s startups with the specialized space they need. “Startups also will have access to office, laboratory and greenhouse space owned by Alexandria on a ‘flexible’ basis – such as a 3-month or 6-month lease,” according to the News and Observer story.
Startups selected by AgTech will receive between $500,000 and $4 million in funding, according to news reports.