Pacific Channel Limited, New Zealand’s leading venture development and investment firm focused on early-stage life science and clean-tech innovation, announced today the closing of $350,000 new equity investment into Regen which it led with AngelHQ, Wellington’s angel investment club in exchange for equity in the company.
New investment of $250k was provided by investors, which included Pacific Channel’s co-investment partner, the New Zealand Venture Investment Fund (NZVIF). Another $100k is expected after a milestone has been met.
The fresh capital will be used to fund the marketing of an innovative farm-data system, Re:Gen, to dairy farmers and to continue product development.
Re:Gen collects data on rainfall, soil moisture, soil temperature and effluent pond levels and transmits readings to a centralised data base. It then analyses this information and based on its knowledge of site specific soil characteristics, uses proprietary algorithms to recommend daily actions that farmers can access via mobile devices or computer.
Brent Ogilvie of Pacific Channel said “Re:Gen provides farmers with clear recommendations that enables them to manage dairy effluent to comply with environmental standards while increasing farm productivity at a time when there is growing pressure on them to meet effluent-disposal standards.
“The product helps dairy farmers reduce the environmental impact of dairying and increase profitability, he said.
Regen has also received assistance from its partners Massey University and Gen-i with support from Ministry of Science and Innovation (formerly the Foundation for Research, Science and Technology (FRST)).