Nexgen reaps $2.2m

Nexgen Plants, an Australia-based crop breeding spinout from University of Queensland, has received A$3m ($2.2m) in a round backed by multi-university venturing fund Uniseed.

Queensland government-run Business Development Fund led the round with a $1.1m contribution. Uniseed provided Nexgen with $367,000, while venture capital firm Yuuwa Capital supplied the remaining $735,000.

Founded in 2013, Nexgen Plants is developing a range of technologies for breeding disease and virus-resistant plants. Its approach identifies small plant virus molecules involved in modulating the crop’s defence response to infections.

Nexgen Plants’ lead breeding platform, INTtrait, can quickly generate disease-resistant plant traits for crops used for food, fibre, energy and ornamental purposes. A second platform aims to respond to new threats as they arise in crops including tomatoes, peppers and potatoes.

Nexgen is based on research led by Peer Schenk, a professor in Queensland’s School of Agriculture and Food Sciences. The spinout was established by Queensland’s commercialisation arm, UniQuest.

The cash will help Nexgen drive further international growth. The spinout has secured US regulatory approval to label a salt-resistant form of rice as a non-genetically modified product.

Uniseed and Yuuwa Capital previously backed NexGen’s $1.8m round in 2013.

Dean Moss, chief executive of UniQuest, said: “Crop losses caused by disease or environmental conditions like drought are a significant global problem and cost billions of dollars every year.

“This investment in the research and technology being developed by this innovative Brisbane company is evidence of its potential future impact for farmers and producers right across the world.”