Founded by industry veterans, 5Metis just closed $10 million in Series A funding
Easton, MD (October 6, 2021) – F3 Tech, an agriculture innovation accelerator program for early-stage companies supported by the nonprofit Eastern Shore Entrepreneurship Center and the U.S. Economic Development Administration, today announced 5Metis as the fifth company in this year’s program. 5Metis is a new pure-play discovery company for crop health.
Founded in 2021, 5Metis uses the technology platforms of two leading agricultural technology companies, Boragen and AgriMetis, to combine boron-based small molecule discovery and synthetic biology for discovering new modes of action for crop protection. The company just raised $10 million from investors in an oversubscribed Series A Preferred Stock financing round. As part of 5Metis’ involvement in the F3 Tech Accelerator, the program is expediting commercial outreach and partnerships for the company.
“Investor interest in the AgTech sector continues to grow as there is enormous pressure to increase the world’s food supply,” said F3 Tech Program Director Chris Hlubb. “It’s predicted that the global population will reach 9.8 billion by 2050. That’s why companies like 5Metis are so important. The world needs innovative, sustainable crop protection products if we are going to meet demand.”
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.
5Metis joins the following companies as part of the 2021 Accelerator Program:
- Holganix, a manufacturer of proprietary plant probiotics that harness the power of microorganisms to optimize soils and grow healthier, more sustainable plants. This translates to improved yield on crops and a reduced need for fertilizers and pesticides.
- Lepidext, producer of a patented bioinsecticide that is safe, effective, and easy to use to control the corn earworm (aka cotton bollworm) in both the organic and conventional farming of crops affected by the pest.
- Urban Electric Power, a clean energy company spun out of the CUNY Energy Institute. The company offers energy storage with safe and affordable rechargeable alkaline battery technology without any lead or flammable electrolytes. The battery cells are modular, scaling from residential to commercial to utility applications.
- PastureBox, a company that produces self-contained, a fully automated shippable fodder systems that can match a year’s output of a 50-acre field of hay.
Over the course of the three-month accelerator, the companies will receive expert guidance from F3 Tech mentors in business development, marketing, legal and finance. The accelerator requires no equity from participants, a unique value proposition for many early-stage companies.
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: f3tech.org.