PULLMAN, Wash. – Washington State University will further agricultural technology innovation nationwide as a partner institution of AgTech Accelerator’s launch in North Carolina this week and closing of $11.5 million in initial financing.
“WSU’s long history in agriculture research and technology development makes it a natural partner for this endeavor that is moving the industry into the modern age,” said Anson Fatland, Associate Vice President of Economic Development at WSU.
“Businesses that serve the agriculture industry must convert increasingly complex and integrated early-stage technology into differentiated solutions and products. It is really difficult for global agribusinesses to do it all in-house and R&D timelines are compressing. This necessitates new, external innovation and collaboration models,” said John W. Dombrosky, CEO of AgTech Accelerator. “Our university partnerships and our unique model fosters a ‘new entrepreneurialism in agriculture,’ enabling new startups to fill a wide variety of important AgTech innovation gaps.”
The AgTech Accelerator is a strategic partner with Accelerator Corporation., a biotech investment group that has greatly expanded WSU’s access to seasoned investors and industry mentors who are well-versed in how to launch successful biotech and agtech startups.
As WSU continues to ramp up its commercialization efforts, technologies like those developed by faculty at the Center for Precision and Automated Agriculture Systems, have potential to become candidates for agtech startup companies.
In turn, WSU’s faculty expertise and state-of-the-art technological support facilities will become part of the shared core assets available to AgTech Accelerator companies, enhancing scientific collaboration across the region.
“The success of new technologies and companies relies heavily on the entrepreneur’s network of advisors and resources,” said Anson Fatland. “This partnership greatly expands WSU’s network, and is a new avenue for the University to support the local economy.”
The partnership with AgTech Accelerator is WSU’s second accelerator partnership. The first was a biotech venture launched in 2014 by Accelerator Corp.
AgTech Accelerator, established in 2016 in Research Triangle Park in North Carolina, is a unique startup accelerator vehicle focused on discovering and developing emerging agricultural technology companies. Leveraging its experienced single management team, committed investors and academic institutional partners, AgTech Accelerator identifies, forms, finances and manages the most promising emerging agriculture companies to drive commercialization. For more information, visit www.agtechaccelerator.com.
WSU is one of seven university partners that include: Duke University; North Carolina State University; Penn State University; Purdue University; University of California, Davis; and University of North Carolina at Chapel Hill.
Alyssa Patrick, 206-219-2427, firstname.lastname@example.org