IMIO raises USD $12 million to expand Chicago operations

IMIO has raised USD $12 million from Sofinnova Partners and Chipotle's Cultivate Next to support a new headquarters, laboratory and biomanufacturing operation in Chicago.

The round also included Starshot Capital, Grow Together Salinas, Earth Foundry and Serra Ventures. The money will help expand production as IMIO seeks to grow sales of its biological products for US row-crop and produce growers.

The Chicago-based company makes freeze-dried microbial products designed to help farmers break down crop residue left after harvest. Its first products, sold under the Re-Gen brand, are intended to release nutrients back into the soil and reduce the problems residue can create in later planting seasons.

Biological products have attracted interest across agriculture as growers look for ways to manage costs and improve soil performance, but adoption has been uneven. IMIO cited a CropLife survey of agricultural retailers and advisers in which 39% said trust issues were the main reason biological products have struggled to gain acceptance.

IMIO says it grows and tests each microbial strain individually before combining and freeze-drying them for storage, transport and field application. It argues this process addresses consistency concerns that have limited confidence in other products in the category.

Its products have been used on more than 10,000 acres in the Midwest in university and farm trials over three years, according to the company. IMIO reported an average corn yield increase of 11.9 bushels per acre, with individual results ranging from 5.32 to 22.67 bushels per acre.

The business also cited nutrient credits of up to USD $120 per acre in row crops and tillage savings of up to USD $120 per acre in produce. Those claims come as US farmers face tighter margins from rising input costs and weaker income forecasts.

Figures IMIO cited from the US Department of Agriculture show farm production expenses are forecast to rise 4.5% in 2026, with fuel and oil costs up 28.8%. Net farm income is forecast to fall to USD $158.4 billion, down 2.6% from 2025, or 5.5% after adjusting for inflation.

Those pressures have increased demand for products that promise savings without reducing yields. Industry data referenced by IMIO show Chapter 12 farm bankruptcies rose for a second straight year in 2025.

"Farmers deserve trustworthy partners and products. The work they do is vital for all of us who need to eat food, and they're facing an extremely challenging market. We understand why they're skeptical of biologicals, and we appreciate the trust they put in us when they use our products. We're committed to delivering reliable performance and ROI, helping increase profitability while improving soil function," said Charles Smith, Founder and Chief Executive Officer of IMIO.

Smith founded IMIO in 2019 with a focus on soil quality and farm economics. The company recently moved from Vermont to Chicago, where it is building its new headquarters, laboratory and biomanufacturing facility.

Investor backing

Sofinnova Partners led the round. The life sciences and sustainability investor said IMIO's approach addresses a practical issue for growers dealing with heavy crop residue and rising input costs.

"Crop residue is a major challenge for farmers, affecting soil productivity and driving up input costs. IMIO combines biotechnology and scalable biomanufacturing to harness microorganisms that restore soil health, recycle nutrients and improve farm economics. This is exactly the kind of real-world application of biology we want to support," said Guillaume Baxter, Partner at Sofinnova Partners.

Chipotle's investment arm also joined the round. Cultivate Next was launched to back early-stage companies linked to agriculture and the wider food system.

"Building a better food system starts with making innovation work for growers-improving their economics, strengthening their operations, and delivering value all the way to the people they feed," said Christian Gammill, Co-General Partner at Chipotle's Cultivate Next.

"Through Cultivate Next, we bring growers and food buyers together to help promising technologies succeed in the field and scale across the food system. IMIO represents the kind of innovation we want to back: grounded in real agricultural challenges, with the potential to strengthen farm profitability and resilience while helping meet growing demand for real food," Gammill said.

Field results

IMIO also pointed to on-farm use in the Upper Midwest as evidence of commercial traction. One user, Kirk Stueve, farms and owns land leased to other growers across Minnesota and Wisconsin.

Stueve tried Re-Gen on a 140-acre field because of margin pressure and the risk of yield loss, according to the company. After two years of use in a high-residue corn-on-corn rotation, the treated field exceeded its historic yield record by 30 bushels per acre, it said.

IMIO added that Stueve reduced his nitrogen bill by USD $45-50 per acre while maintaining yield. "A lot of biologicals have great marketing strategies and sales teams but struggle to deliver in reality. From what we've seen so far, IMIO is an outlier. The team there cares about helping farmers make money while improving soil health. They're with us every step of the way, assisting with interpretations, offering insights, and listening to our concerns. It's made us more optimistic about the potential value of using biologicals," said Kirk Stueve.

Smith said the move to Illinois is part of an effort to be closer to customers and agricultural manufacturing talent. "Moving to Chicago brings us closer to our customers while also giving us access to the talent and innovation in the Illinois agricultural and biomanufacturing ecosystem. Securing this funding from backers of the caliber of Sofinnova Partners, Cultivate Next and the other great investors on our cap table is a validation of our approach and a critical next step in our growth," he said.