The US-based startup IMIO has secured $12 million in a funding round led by Sofinnova Partners. The round also included participation from Chipotle’s venture fund, Cultivate Next, alongside Starshot Capital, Grow Together Salinas, Earth Foundry, and Serra Ventures.
The company plans to utilize the capital to establish a new headquarters, a laboratory, and a biomanufacturing facility in Chicago. Currently, IMIO employs 10 people and generates revenue through the sale of freeze-dried microbe powder designed for corn farmers.
Founded in 2019 by Charles Smith, IMIO focuses on microbial solutions for crop residue management. The company uses freeze-drying techniques to stabilize mixtures of bacteria, fungi, and yeast, which farmers mix with water to accelerate decomposition and restore soil nutrients.
The agricultural biologicals market is projected to reach $34.99 billion by 2030, with an annual growth rate of 13.7%. IMIO currently faces competition from firms like Pivot Bio and Aphea.Bio, the latter of which raised €70 million in July 2023.
The startup previously received funding from the National Science Foundation in 2020, which supported the development of its initial product, Re-Gen. While the grant originally focused on hemp, the company has since shifted its commercial strategy to prioritize corn and vegetable crops.
