Business & Investment

AI Genomics Joint NR Gene File $ 40 Million TASEIPO

Israeli AI Genomics Company NRGene I applied for an initial public offering (IPO) on the Tel Aviv Stock Exchange. As far as it is known, the company seeks to raise $ 40 million at the company’s valuation, which states that the entropy of financial consultants is between $ 150 million and $ 200 million. According to NRGene’s outlook, the company “is based on AI, analyzes genetic information based on big data, and uses natural means (without genetic engineering) to streamline and enhance animal and plant genes in the global agricultural sector. I will.

NRGene’s final funding round was in January 2017 with a company valuation of $ 60 million.

NRGene states that the technology is “unique and groundbreaking, allowing company customers to accelerate and develop plants that are more resistant to disease and extreme climates.” “We are one of the world leaders in the genetic enhancement industry through AI, and our customers include large and small businesses such as Bridgestone, Syngenta, Bayer and Monderes,” he added. I will.

NRGene was founded in 2009 by CEO Dr. Gil Ronen and VP’s strategic account Guy Kol. The IPO will be led by IBI and Epsilon’s underwriters.

The company is currently not generating sufficient revenue to finance its business and relies on external sources of funding, so its financial statements have been qualified as a going concern by an accountant. The prospectus also states that NRGene was hit by the Covid-19 crisis in early 2020, delaying analysis and reducing revenues in the first half by 26% ($ 1 million) to nearly $ 3 million. However, the company reduced costs and losses by 17% to $ 2 million. Prior to the IPO, the company raised salaries for senior management, with Gil Ronen’s monthly salary rising 80% from NIS 49,000 to NIS 87,000.

Israeli Business News, Published by Gloves- -December 28, 2020

© Copyright of Globes Publisher Itonut (1983) Ltd. 2020

AI Genomics Joint NR Gene File $ 40 Million TASEIPO AI Genomics Joint NR Gene File $ 40 Million TASEIPO

Back to top button