Singapore: Temasek has joined hands with the impact investment arm of German pharmaceutical and chemical maker Bayer to form a company that aims to develop new varieties of vegetable seeds better suited for indoor vertical farms.
The new company, Unfold, will be headquartered in Davis, California, and plans to have commercial and research and development (R&D) operations in both the United States and Singapore.
Unfold has raised US$30 million from Temasek and Bayer in its initial funding round, which will go into getting its R&D capabilities in place, said CEO John Purcell on Wednesday (Aug 12).
“Initially, Bayer and Temasek have equal ownership of Unfold, but this may change over time. Unfold has the flexibility to seek investment from other companies in the future,” Dr Purcell said.