Australian biotech start - up NexGen Plants is set to ramp up its US and European business activities after securing AUD3 m ( $ 2.2 m ) in funding , which included an AUD1.5 m grant from the global Business Development Fund . NexGen Plants aims to breed more nutritious vegetables and salt - tolerant strains of rice , by using genomes extracted from one plant to enhance existing traits in another . CEO mark Ruddle announced the cash injection would also be used to support other collaborative breeding projects in Australia .
Australian biotech start-up NexGen Plants is set to ramp up its US and European business activities after raising AUD3m ($2.2m) in funding, which included an AUD1.5m grant from the Queensland Business Development Fund. NexGen Plants aims to create more nutritious vegetables and salt-tolerant forms of rice, by using genomes extracted from one plant to enhance existing traits in another. CEO Brian Ruddle said the cash injection would also be used to support other collaborative breeding projects in Australia.