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Venture Capital News: Targeted Growth Reports More Funding

          
SEATTLE, WA, Agricultural bioscience company announced additional funding as it continues to build out its portfolio of technologies that increase crop yield.
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Targeted Growth, an agricultural bioscience company, today announced additions to its management team and board of directors, as well as additional funding as it continues to build out its portfolio of technologies that increase crop yield. Bob Woods is now Chairman and CEO, Bill Kirk and Troy Fukumoto have joined the board, and existing investors have contributed just under $5 million in new funding to the company.

Bob Woods is a highly-respected leader in the global agriculture industry, having served in executive positions at several major agriculture, chemical, and seed companies, including as Chairman of Syngenta U.S. as well as Group President of Zeneca/ICI Ag Products. Woods is also a past Chairman of Crop Life America (CLA) and the Council for Biotechnology and has received numerous industry awards including CLA's highest honor, the Lea S. Hitchner Service Award. He currently serves on the boards of Gowan Company, Vertellus Specialties, Inc. and Athena Biotechnologies.

"Our most recent field trials of the TGI yield technologies showed very encouraging results," said Woods. "The new members of our board as well as the additional capital are a reflection of the potential for Targeted Growth to commercialize our technology through internal development as well as through industry partnerships."

Targeted Growth's research focus has been on developing proprietary and patented yield technologies in the lab and subsequent testing in large-scale field trials. The company's technologies produce plants and seeds that are greater in number, helping to meet the increasing global demand for food crops in an efficient and sustainable manner. The new board members add agricultural industry and finance experience as well as networks that will be critical in Targeted Growth's next phase of development.

Bill Kirk has 37 years of experience at DuPont, where as Group Vice President he led its $4.5 billion Agriculture/Nutrition Businesses and served as a member of the CEO's Strategy/Operating Committee. Kirk created a vision to expand agricultural participation from crop protection to include the acquisition of Pioneer Hi-Bred, biotechnology research & development, and food ingredients (Protein Technology acquisition). In addition to being named Agrimarketer of the Year by Agrimarketer Magazine, Kirk was recognized for his biotechnology leadership by University of Illinois, and received an award for his service to agriculture by the Farm Managers Association. He has served on several business and industry boards.

Troy Fukumoto is the Managing Director of Private Equity and Venture Capital within AllianceBernstein's Alternative Investment Management Group. The group manages more than $8 billion of private equity and hedge fund investments. With more than 20 years of investment and operating experience, Fukumoto has served as a board director or observer for more than 20 companies and has served as an advisory committee member for 15 private equity partnerships. He has managed more 50 direct investments and dozens of private equity partnership investments.

With several years of commercial field trials complete, TGI is now preparing for the final pre-commercialization stage, involving additional field trials, lab tests and licensing negotiations. With sustained crop yield increases, TGI is poised to help growers in the US and abroad meet the growing need for food - and fuel - in a sustainable manner. With its new advisors and CEO with deep experiences in the industry, TGI is looking for the next 12 months to be a breakthrough for the company.

About Targeted Growth

Targeted Growth, Inc. was founded in 1999 with a goal of developing technologies that would increase the productivity of existing farmland and create new crops for use on land otherwise unsuitable for agriculture. Today, Targeted Growth is a global leader in bioscience, having developed technologies that both increase seed size and yield in commercial food crops and biofuel feedstocks. The company has also used its bioscience strength to build a significant IP portfolio around developing algae as a potential source of intermediate chemicals or as a biofuel feedstock. The company has strategic partnerships with leading researchers and agribusinesses around the world.
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