Israeli agro-biotech start-up Kiima has raised $8 million in its first financing round from the Tamir Fishman-Draper Fischer Jurvetson fund and from Draper Fischer Jurvetson itself. Alternative energy fund Musea Ventures also made a small investment. The company, which was founded in 2006, has survived so far on the capital of its founder, CEO Dr. Doron Gal, and investment from a foreign angel.
Kiima, (formerly Biofuel International) has developed a multiplication technology which, the investors say, can cause crop yields to more than double. The company claims it has developed the ability to double vegetal chromosome without harming its DNA.
According Tamir Fishman managing partner Dr. Benny Zeevi, the technology platform has already been tested on more than 30 plant species, and has now been used in species of commercialized fruits and vegetables for several years. Kiima is now adapting the technology both for use in cultivating species that are suitable for use in food production such as wheat, and for plants for the production of biofuel and the absorption of carbon dioxide.
"We now have a commitment from the Chinese government to set up a joint company in the Anhui Province in South East China, which has 10 million dunams of rapeseed, and our role will be to upgrade the plant through our technology so that it can be used to produce oil for the production of biodiesel," said Gal.
Published by Globes [online], Israel business news - www.globes-online.com - on July 23, 2008
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