By Giulia Petroni

 

Bayer AG Wednesday said its impact investment arm Leaps by Bayer made a joint investment with Singapore-based Temasek Holdings to form a new company focused on vertical farming.

The German pharmaceutical and chemical conglomerate said the new venture, which is called 'Unfold', will be focused on innovating vegetable varieties to improve the quality, efficiency and sustainability of vertical farming.

The company will be led by Chief Executive John Purcell--currently head of vegetables research and development at Bayer's Crop Science--and headquartered in the Davis area, California. Commercial, research and development operations will be located in both California and Singapore.

Bayer said the company "raised $30 million in the initial funding round and entered into an agreement for certain rights to germplasm from Bayer's vegetable portfolio."

Vertical farms are indoor farms or plant facilities with artificial light allowing the growth of fresh, local produce.

 

Write to Giulia Petroni at giulia.petroni@wsj.com

 

(END) Dow Jones Newswires

August 12, 2020 04:14 ET (08:14 GMT)

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