TARGAN secured $35 million in Series C equity financing to commercialize their poultry vaccine delivery technology and chick sexing systems.
“From its conception, TARGAN’s purpose has been to address the growing global demand for a healthier, more sustainable food supply through the development and application of novel technologies,” said Ramin Karimpour, founder and CEO of TARGAN.
“We are most delighted that our great progress has led to NovaQuest joining our existing investors in this series. With this round, we will launch our targeted, individual vaccination and gender sorting technologies for poultry. Precise bird vaccination enables poultry producers to protect each bird from harmful diseases and significantly reduces the reliance on chemicals, therapeutics and antibiotics. Additionally, automated gender identification will allow for separate sex rearing that reduces feed cost and waste while optimizing bird nutrition.
The funding round was co-led by NovaQuest Capital Management and Mountain Group Partners, with additional funding provided by existing investors Merck Animal Health and Oval Park Capital. Merck Animal Health co-led TARGAN’s $7 million Series B funding round in 2021.
“Merck Animal Health has supported TARGAN from the beginning of their journey. It is rewarding to see the team continue to grow and develop their groundbreaking technology for poultry customers around the world. We are pleased to continue to support the ongoing journey and partnership,” said Stephen Murray, lead, Merck Animal Health Ventures.
Wyrick Robbins Yates & Ponton LLP acted as legal counsel to NovaQuest. Baker, Donelson, Bearman, Caldwell & Berkowitz, PC acted as legal counsel to Mountain Group.
Formerly known as Applied LifeSciences & Systems, the TARGAN system can individually vaccinate up to 100,000 chicks per hour against coccidiosis, infectious bronchitis and Newcastle disease. The technology platform, which incorporates high-speed imaging, artificial intelligence, robotics and microfluidics, was one of the innovations highlighted at the 2020 Virtual Poultry Tech Summit.
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