IMIO, a Chicago-based agricultural biotechnology startup, has raised $12 million in seed funding led by Sofinnova Partners. The round also included participation from Chipotle Mexican Grill’s Cultivate Next venture fund, Starshot Capital, Grow Together Salinas, Earth Foundry and Serra Ventures.
The company plans to use the investment to develop its new headquarters, laboratory and biomanufacturing operations in Chicago, supporting the production of microbial agricultural products for US growers.
Founded by Charles Smith, who serves as CEO, IMIO develops biological treatments designed to improve soil function, crop performance and nutrient efficiency. Its products help farmers recover nutrients from plant material remaining in fields after harvesting.
IMIO’s flagship product platform, Re-Gen, is available in formulations for row crops and produce. It uses combinations of fungi, bacteria and yeast to accelerate the decomposition of crop residue and release nutrients back into the soil.
The company manufactures its biological products by cultivating and testing individual microbial strains before combining them in specific proportions. The mixtures are then freeze-dried to help maintain microbial viability during storage, transportation and application.
According to the company, Re-Gen has been tested across more than 10,000 acres in the US Midwest. Its reported trial results include an average increase in corn yields of 11.9 bushels per acre, alongside potential savings from improved nutrient availability and reduced tillage requirements.
IMIO serves growers across the United States, focusing on agricultural biologicals that can be integrated into existing farming operations. The new Chicago facilities will support its laboratory research and biomanufacturing activities as the company expands its operations.
