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Avalo, which uses AI to develop hardier crops, is raising $30 million in Series B funding, CEO Brendan Collins confirms to Axios Pro.

Why it matters: The company claims its tool slashes ag R&D costs by 90%.

How it works: Avalo uses AI to figure out which plants to breed, and in turn which of their offspring to keep, to produce resilient crops that require less water and fertilizer. 

Zoom in: The Durham, N.C.-based company, a Duke University spinout, is focusing first on cotton and sugarcane, Collins says.

It has three main revenue streams: selling seeds to farmers, revenue-share agreements when crops are sold, and data insights for companies along the supply chain. 

For example, Avalo's data can help sugarcane mills determine "when in the season to crush this variety of sugarcane to have maximum yield," Collins says.

Follow the money: Avalo has raised $25 million, including $11 million in Series A funding it announced last spring and an $8 million SAFE note it closed at the end of the year, Collins tells Axios.

Investors include Alexandria Venture Investments, At One Ventures, Better Ventures, Blue Bear Capital, Climate Capital, Coca-Cola Europacific Partners, Germin8 Ventures, Greycroft, One Small Planet, SOSV, Trailhead Capital, Trust Ventures, and TTY Management.

Exclusive: Avalo raising $30M for AI-guided crop breeding

It's focusing first on sugarcane and cotton.

Illustrated collage of an aerial image of a crop in a field juxtaposed against lines of code, with pieces of wheat emerging from the code surrounded by abstract squares. 

Avalo, which uses AI to develop hardier crops, is raising $30 million in Series B funding, CEO Brendan Collins confirms to Axios Pro.Why it matters: The company claims its tool slashes ag R&amp;D costs by 90%.

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Exclusive: Avalo raising $30M for AI-guided crop breeding

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