Global Agri-Food Advancement Partnership invests in Canadian biotech startup Proxima Research & Development

Global Agri-Food Advancement Partnership invests in Canadian biotech startup Proxima Research & Development

Published: 17-01-2024 09:41:00 | By: Pie Kamau | hits: 2675 | Tags:

Saskatchewan's Global Agri-Food Advancement Partnership (GAAP), has closed an undisclosed investment round into Proxima Research and Development (Proxima) in Canada.

Proxima has developed proprietary technology to better isolate, characterize, and engineer microbes for applications within agriculture, food, and pharma. Proxima offers unique microbial solutions to their clients, as well as developing their own technology solutions.

Jay Robinson, CEO, GAAP: "Having Proxima as part of the GAAP portfolio will expand our offering for the Canadian agriculture market. We are excited to support the growth of a company that has a wide range of expertise to share."

Proxima has a vibrant and diverse research and development program which focuses on the isolation and genetic characterization of microbes with applications in food, biofuel, bioproducts, and pharmaceuticals. These bioprospecting activities support numerous objectives including the discovery and commercialization of novel microorganisms. A prominent example of Proxima’s work in this area is the development of new yeast strains for brewing applications, providing the means for brewers to develop new and exciting beer varieties and bring them to consumers around the world.

This investment came out of GAAP’s strong relationship with Ag-West Bio, Saskatchewan’s bioscience industry association. Both companies believe that the power of partnership leads to success.

Zachery Belak, CEO and Co-founder, Proxima: ''We are excited about this investment from GAAP because of the access to advanced equipment and facilities that it will provide. Biotechnology is one of the most expensive fields in which to start a business and a huge part of that cost is the sophisticated equipment required. Access to the GAAP’s facilities and technological capabilities through this investment will increase the ability of Proxima to pursue our mission of helping clients achieve their scientific goals.''

www.gaapvc.com
www.proxima-rd.ca