Alexandria Venture Investments has participated in an $88.9m round which has pushed the biotech developer's total funding past $142m.
US-based life science technology developer Invaio Sciences completed an $88.9m series C round on Tuesday featuring Alexandria Venture Investments, a vehicle for life sciences real estate investment trust Alexandria Real Estate Equities.
Venture capital firm Flagship Pioneering led the round, which also featured Stage 1 Ventures and Bluwave Capital. The company said it has now raised over $142m to date.
Founded by Flagship Pioneering in 2018, Invaio is developing technology and services to address critical issues in agriculture, nutrition and the environment. It aims to reduce the use of pesticides globally by capitalising on its knowledge and experience of the physiology of insects and ecosystems.
The company’s core technology involves modulating the health of multiple types of insects by targeting insects’ nutritional function organ.
The funding will go to research in areas such as tree nutritional health, insect management, vector and disease control, transformative herbicides and fungicide replacements.
The capital will also support the launch of Invaio products addressing HLB, a bacterial disease which affects the health of citrus trees, and Xylella, a bacterial disease fatal to olive trees.