GAAP invests in biotech startup Proxima Research & Development
March 6, 2024
Grayson Berting, GAAP
In January, Saskatchewan’s Global Agri-Food Advancement Partnership (GAAP) GAAP announced the recent close of an undisclosed investment round into Saskatoon start-up company, Proxima Research and Development.
Proxima has developed proprietary technology to better isolate, characterize, and engineer microbes for applications within agriculture, food, and pharma. Proxima offers unique microbial solutions to their clients, as well as developing their own technology solutions.
CEO of GAAP, Jay Robinson, says, “Having Proxima as part of the GAAP portfolio will expand our offering for the Canadian agriculture market. We are excited to support the growth of a company that has a wide range of expertise to share.”
Proxima has a vibrant and diverse research and development program which focuses on the isolation and genetic characterization of microbes with applications in food, biofuel, bioproducts, and pharmaceuticals. These bioprospecting activities support numerous objectives including the discovery and commercialization of novel microorganisms. A prominent example of Proxima’s work in this area is the development of new yeast strains for brewing applications, providing the means for brewers to develop new and exciting beer varieties and bring them to consumers around the world.
This investment came out of GAAP’s strong relationship with Ag-West Bio; both companies believe that the power of partnership leads to success.
Dr. Zachery Belak, CEO and co-founder and Iain Wallace, CSO and co-founder, say they benefit from Ag-West Bio‘s on-going support, mentorship, and investments, and that participation in GAAP’s incubator will help accelerate their business to the next stage.
“We are excited about this investment from GAAP because of the access to advanced equipment and facilities that it will provide. Biotechnology is one of the most expensive fields in which to start a business and a huge part of that cost is the sophisticated equipment required. Access to the GAAP’s facilities and technological capabilities through this investment will increase the ability of Proxima to pursue our mission of helping clients achieve their scientific goals,” says Belak.
Thank you to the GAAP for submitting the article and photos.