Deals this week: Kaiima Bio-Agritech, Algatech, HR Food Processing

Kaiima Bio-Agritech has entered a partnership with Horizon Ag for the development of new, high-performing rice varieties.

Under the strategic collaboration, the companies initiated a multi-year project last year, which combines US adapted germplasm sourced by Horizon Ag and EP technology platform of Kaiima.

The results of initial yield trails of the new EP rice varieties are anticipated next year. Kaiima’s EP technology enhances plant performance by inducing novel diversity within the genome, employing the plant's own DNA.

The technology is capable of increasing yield and improving tolerance to biotic and abiotic stresses, while enhancing seed production of all major crops and plant species.

Algatechnologies (Algatech) has joined the FoodConnects consortium, a group of 50 industry and academic institutions from 13 different countries.

Algatech has been preferred by the Knowledge and Innovation Community (KIC) leaders as it is the sole algae player taking part in the €1.2bn ($1.27bn) initiative.

KIC includes EU member states and associated nations such as Israel, universities and scientific partners.

Each consortium partner will be responsible to transform the entire food value chain to reconstruct a healthy and sustainable food system.

The partners will invest approximately €1.2bn ($1.27bn), along with up to €400m ($425m) funded by the EIT, over the next seven years.

Algatech produces microalgae-based ingredients, which contain important nutritional properties with potential to become vital element of future diet for humans.

Indian dairy company HR Food Processing has raised Rs450m ($6.56m) in series B funding round, with Unitus Capital as the financial adviser.

The round was subscribed to by Lok Capital and Aavishkaar India II Company, which is an existing investor in the company.

US-based snack company Snyder's-Lance has agreed to sell its Diamond of California culinary nut business to an investment firm named Blue Road Capital.

According to the definitive agreement, the transaction will be completed this month.