NEW YORK – NRGene said Tuesday that it has completed its initial public offering on the Tel Aviv Stock Exchange, raising approximately NIS 100 million ($30.6 million). The IPO values the Israeli company at NIS 370 million.
Herzog Fox & Neeman and PwC Israel advised the company on the IPO.
NRGene, based in Ness Ziona, Israel, develops artificial intelligence technologies to analyze agricultural and livestock genomic data. Products include DeNovoMax software for assembling reference-level genomes for use in breeding and agriculture.
"Going public is a significant milestone in the company's plan for growth," NRGene Chairman Asaf Levi said in a statement. He said that the firm would apply the new funding to support growth and form long-term collaborations with breeding companies.
"The company currently plans to expand its global activities and become an integral part of the optimization processes in agriculture and the food industry," added CEO and Cofounder Gil Ronen. "We estimate that in the near future NRGene will become a key player in this highly important and growing field."
Existing customers include Bayer and Syngenta, according to NRGene. The firm adopted a new business model last year that involves joint development of intellectual property in return for royalties from sales of associated products.Â