Targeted Growth has raised $5 million in fresh capital, money that the 13-year-old company will use to continue developing technologies to boost crop production for biofuels and food. In addition, the company announced that Bob Woods has been named chairman and CEO, replacing longtime CEO Tom Todaro. It also added Bill Kirk, a former vice president at Dupont, and Troy Fukumoto, a managing director at AllianceBernstein’s Alternative Investment Management Group, to the board.
“Our most recent field trials of the TGI yield technologies showed very encouraging results,” said Woods, past chairman of Crop Life America and former group president of Zeneca/ICI Ag Products. “The new members of our board as well as the additional capital are a reflection of the potential for Targeted Growth to commercialize our technology through internal development as well as through industry partnerships.”
Targeted Growth is developing plants with enhanced yield and improved quality, making it easier for farmers to boost production on less land. It has conducted field trials with canola, corn, soybean and other plants.
Over the years, Targted Growth has raised more than $40 million from Alliance Bernstein, Capricorn Investment Group, GrowthWorks and others.