Friday March 24, 2017 0 comments
GREENWOOD VILLAGE -- Agriculture technology company Cool Planet announced it closed on $19.3 million in Series A financing and note conversion to commercialize its Cool Terra and Cool Fauna Engineered Biocarbon products.
Cool Planet is focused on developing products that are simultaneously profitable as well as sustainable and has raised nearly $30 million in the last 18 months. This latest round of funding was led by Agustín Coppel and North Bridge Venture Partners.
Cool Planet said its primary product, Cool Terra, can improve agricultural crop yields and grower ROI while providing substantial environmental benefit in the form of sequestering carbon and improving soil health.
The company said it is also developing additional offerings including Cool Fauna, a product that has significant potential in animal health and nutrition applications.
"The Coppel Family and North Bridge continue to show their confidence in Cool Planet,” said Barry Rowan, Cool Planet CFO.
“They've supported us through our research phase and remain valued partners as we continue commercialization of Cool Terra and development of Cool Fauna.”
Cool Planet said its Cool Terra Engineered Biocarbon platform helps to increase crop yields through improved soil health by providing a long-lasting environment to nurture beneficial microbes in the soil.
The product, produced through a patented process, also helps the soil retain water and keep nutrients in the root zone for a longer period of time, the company said.
Cool Planet said more than 70 independent field trials conducted in 2016 demonstrated that Cool Terra works with a variety of crops, as well as turf and nursery plants in different types of soils.
In addition to commercial sales of Cool Terra in 2017, Cool Planet said it is planning more than 100 additional third-party field trials.
"Our trials demonstrated that Cool Terra significantly improved yields for the fruit, vegetable, grass and legume crops, as well as turf and nursery plants," said Jim Loar, Cool Planet president and CEO.
"We've done the research, proven the effectiveness and built the partnerships. Cool Terra is poised to make a significant impact in the ag and TN&O sectors."