OlsAro, the Gothenburg-based agtech company, has successfully raised €5 million in a seed round led by Industrifonden, with Nordic Foodtech VC as a co-lead. This funding attracted additional participation from existing investors including Future Food Fund, PINC, AgFunder, and GU Ventures. The capital will facilitate advancements in their innovative SeedAX platform, aimed at developing climate-resilient cereal genetics.
The SeedAX platform combines genetics, data, and AI-driven traits to help create crop varieties capable of withstanding environmental challenges such as soil salinity, heat, and drought. OlsAro's focus is on their first salt-tolerant wheat product, which reportedly excels under saline conditions, achieving yield increases of up to 41% compared to less tolerant varieties. The funding will also pave the way for international field trials and further research into nitrogen-use efficiency.
Following this funding, OlsAro plans to accelerate the commercialization of its salt-resilient wheat product, marking a significant move toward enhancing agricultural sustainability in light of climate change.