Singapore-based agrifood tech firm closed in on Series A funding facilitated by investors from Openspace Ventures and Seeds Capital to build a commercial-scale insect protein facility for the South East Asian market.
The facility will produce some 18,000 metric tons of insect-based feed ingredients and organic fertilizers annually under the label Hi.Protein, The Business Times reported.
The first round of funding pulled in $8.5 million (€7.6 million) for the tech firm and a hefty amount of it will go to black soldier fly genetics and biology research.
