Every day, Global University Venturing rounds up the smaller investments from across the university innovation ecosystem in its deal net.
Cambridge Crops, a US-based anti-food decay coating developer exploiting Tufts University and Massachusetts Institute of Technology (MIT) research, has obtained $4m in a seed round led by MIT accelerator and venture fund The Engine. Refactor Capital, Closed Loop Ventures, Bluestein and Associates, SOSV and Supply Chain Ventures also supplied funding. The transaction includes the conversion of $1.3m of principal and interest from existing promissory notes, according to a regulatory filing. Founded in 2016, Cambridge Crops is working on a protective coating that prolongs the shelf life of perishable foods by stalling oxidisation. The seed cash will go to meeting the regulatory requirements for its products, scaling its manufacturing setup, and putting in place commercial relationships within the food and agriculture sector. Cambridge Crops extends the work of Fiorenzo Omenetto, professor of biomedical engineering at Tufts University, and Benedetto Marelli, an assistant professor at MIT’s civil and environmental engineering department.
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