Targeted Growth Raises $22.3 M

Targeted Growth, Inc. (TGI), a company with patented technology that increases biofuel crop yields, has raised $22.3 million.

Its technology produces increased yields – by 20% – in crops such as corn, soy and canola that produce the raw material for ethanol and biodiesel. “Many people support the development of alternative fuels from renewable sources such as plants,” said Tom Todaro, TGI’s Chief Executive Officer. “Our technology produces plants and seeds that are greater in both size and number.”

The oversubscribed round was led by Capricorn Management and AllianceBernstein L.P. Capricorn Management is the investment firm of Jeff Skoll, the first employee and first President of eBay. AllianceBernstein L.P. is one of the world’s largest publicly traded global asset management firms, which has significant investments in the farming and agri-business space. All current investors also participated.

“Double-digit yield enhancements are unprecedented in the recent history of agriculture,” said Ion Yadigaroglu, Managing Principal at Capricorn Management. “This is one of a handful of technologies that will allow biofuels to deliver on their promise to make an important contribution towards the global warming challenge.”

Targeted Growth was founded in 1998 in Seattle. Its research focus has been on developing its proprietary and patented yield technology in the lab and testing it in large scale field trials.

“Targeted Growth began when our scientists discovered genes that control plant growth,” said Jim Roberts, Co-founder of TGI. “They have now been able to harness the growth enhancing power of these genes in order to target it to commercially important parts of the plant. The enormous potential of this technology to increase agricultural yield is now being realized.”