May 8, 2008

Iowa's Asoyia to boost specialty soy production

Asoyia, a farmer-owned company in Iowa, has secured US$4 million to boost the marketing and research of its ULTRA low linolinec soy products.

Prolog Ventures of St. Louis was joined by LSP, also known as Life Science Partners, of Boston as investors.

Asoyia is offering farmers a US$1.45-a-bushel premium to grow its low linolenic soy variety, the company announced in March.

Although Asoyia has not disclosed the acreage of low linolenic soy it plans to raise this year, the company has said it expects a 30 percent growth in acreage this year to keep up with demand.

Greg Keeley, Asoyia's chief executive, said the new partnership between Asoyia, Prolog and LSP is going to propel the company from an established and growing entrepreneurial business into a major marketer of ULTRA low linolinec oil.

Demand for the low linolenic soy oil produced by Asoyia has been good, Keeley said, due to its emphasis on health and wellness.

Prolog Ventures was recruited by the Iowa Capital Investment Corp., the state's venture capital development organization.

Asoyia was formed in 2004 by 25 Iowa farmers.