FOR IMMEDIATE RELEASE
RICHMOND, VIRGINIA, UNITED STATES:
October 25, 2023
Virginia Innovation Partnership Corporation (VIPC) today announced that Virginia Venture Partners (VVP), its equity investment program, has invested in Green Tech Ventures, Inc. dba TrueAlgae. The Chantilly, Va.-based AgTech company commercializes powerful, cost-effective microalgae-derived metabolites for regenerative agriculture applications. TrueAlgae has previously received funding from the Commonwealth Commercialization Fund (CCF).
“TrueAlgae’s team has discovered an ultra-potent, highly-scalable metabolite that will fundamentally transform the way farmers here in Virginia and abroad feed the world.” Marco Rubin, VIPC Senior Investment Director of Virginia Venture Partners
Farmers are facing a soil crisis due to the excessive use of chemical fertilizers, poor water quality, and harsh farming practices. As a result, they are looking toward biological and organic solutions to enhance and maintain microbial diversity and nutrient availability in the soil, balancing it out to be able to meet the needs of crops. TrueAlgae has uncovered a novel use for algal metabolites that stimulate the natural microbial activity in the soil, releasing key macro- and micronutrients to the crops. Field trials have consistently demonstrated that TrueAlgae’s metabolites repair damaged soil and improve nutrient uptake, which results in healthier crops and increased yield. For farmers, even a 5% increase in yield for corn, for example, nets an 866% ROI.
TrueSolum® is a certified organic, proprietary liquid developed by TrueAlgae that can be added directly to irrigation water and mixed with other agricultural inputs to boost soil microbes. And, because TrueSolum enhances communication between soil microbes and crops, instead of introducing foreign microbes or synthetic nutrients, the resulting microbial activity is tailored to each field and crop need.
“We are thrilled to have VIPC as partners as we expand our presence in Virginia”, said Nathaniel Jackson, CEO of TrueAlgae. “Their wide network and commitment to invest in their local community make them a perfect partner for our Virginia-based company.”
“TrueAlgae’s team has discovered an ultra-potent, highly-scalable metabolite that will fundamentally transform the way farmers here in Virginia and abroad feed the world. While further research is needed, this technology promises to rejuvenate and make productive again tired agriculture soil while generating exceptional ROI results for the industry,” said Marco Rubin, VIPC Senior Investment Director of Virginia Venture Partners. “We are delighted to have TrueAlgae as our newest portfolio company in the field of next-gen agriculture investments.”
VIPC’s investment in TrueAlgae draws upon funds made available through the U.S. Treasury Department State Small Business Credit Initiative (SSBCI) Program.
TrueAlgae is pioneering the new frontier of metabolite research and development for agriculture. We are an algal derived metabolite company focused on the vast array of benefits that these tiny molecules can bring to agriculture through our metabolite platform technology.
At TrueAlgae, we are scientifically based and data driven. We have been recognized for our accomplishments by two major accelerator programs: Plug and Play as one of a dozen AgTech companies chosen out of more than 300 applicants; and we were finalists in the THRIVE/SVG Ventures competition, again out of hundreds of companies around the world applying and were chosen as the People’s Choice Award. We are also listed on the FoodTech 500, another global competition. We work with leading edge science companies to compile our data, including BiomeMakers and TraceGenomics for genomic testing as well as other leading scientific companies for soil health analysis. For more information, visit www.truealgae.com.
About Virginia Innovation Partnership Corporation (VIPC)
VIPC: Connecting innovators with opportunities. As the nonprofit operations arm of the Virginia Innovation Partnership Authority (VIPA), VIPC is the commercialization and seed stage economic development driver in the Commonwealth that leads funding, infrastructure, and policy initiatives to support Virginia’s innovators, entrepreneurs, startups, and market development strategies. VIPC collaborates with local, regional, state, and federal partners to support the expansion and diversification of Virginia’s economy.
Programs include: Virginia Venture Partners (VVP) | VVP Fund of Funds (SSBCI) | Virginia Founders Fund (VFF) | Commonwealth Commercialization Fund (CCF) | Petersburg Founders Fund (PFF) | Smart Communities | The Virginia Smart Community Testbed | The Virginia Unmanned Systems Center | Virginia Advanced Air Mobility Alliance (VAAMA) | The Public Safety Innovation Center | Entrepreneurial Ecosystems | Regional Innovation Fund (RIF) | Federal Funding Assistance Program (FFAP) for SBIR & STTR | University Partnerships | Startup Company Mentoring & Engagement. For more information, please visit www.VirginiaIPC.org.
About Virginia Venture Partners
Virginia Venture Partners is the equity investment program of VIPC that makes seed-stage equity investments in Virginia-based technology, clean energy, and life science companies with a high potential for achieving rapid growth and generating a significant economic return for entrepreneurs, co-investors, and the Commonwealth of Virginia. Since its inception in 2005, Virginia Venture Partners has deployed $51.7 million in capital across more than 305 portfolio companies, including 17 companies in designated Opportunity Zones. Virginia Venture Partners’ investment decisions are guided by the Virginia Venture Partners Investment Advisory Board (IAB). This independent, third-party panel has drawn from the expertise of leading regional entrepreneurs, angel, and strategic investors, and venture capital firms such as New Enterprise Associates, Grotech Ventures, Harbert Venture Partners HIG Ventures, Edison Ventures, In-Q-Tel, Intersouth Partners, SJF Ventures, Carilion Health Systems, Johnson & Johnson, General Electric, and Alpha Natural Resources. For more information, please visit the VVP pages from www.VirginiaIPC.org.