Equinom secures funding from BASF Venture Capital

Israeli AgTech startup Equinom has raised capital in a funding round from the lead investor BASF Venture Capital.

Equinom develops computerised breeding technology that provides seeds for the food industry to help it meet the growing demand for plant-based products.

BASF Venture Capital managing director Markus Solibieda said: “This is our first investment in an Israeli company.

“Equinom’s technology is groundbreaking in the plant protein value chain and supports the rising trend towards meat alternatives. With this investment in Equinom, we are strongly boosting BASF’s strategy of optimising crops and promoting sustainability and healthy food to nourish the planet.”

Israeli private equity fund Fortissimo Capital, AgTech and Roquette, which provides plant-based ingredients for food and nutrition segments globally, also took part in the funding round.

With this investment, BASF Venture Capital intends to promote and apply new technologies in the field of agriculture.

Equinom’s algorithm has been designed to analyse the genomic characteristics of thousands of plants to determine a suitable breeding combination that achieves the desired properties. The company then develops an application-based solution that is in line with the food producer’s requirements.

Equinom CEO Gil Shalev said: “We strategically crossbreed plants for targeted characteristics, often reintroducing important characteristics that have been inadvertently bred out of ordinary varieties, to produce crops with highly desirable traits.

“Our proprietary computer algorithm and big data meet crop yield, quality and trait objectives in a way that no other seed-breeding company has done before, which also cuts time to market by years.”

The company is also launching protein legumes such as soybeans, peas, chickpeas, cowpeas, mung beans, fava beans and quinoa.