{"id":46597,"date":"2022-07-26T23:01:36","date_gmt":"2022-07-26T21:01:36","guid":{"rendered":"https:\/\/pharma-trend.com\/en\/aanika-biosciences-launches-insurance-vehicle-aanika-re-with-initial-backing-from-adit-ventures\/"},"modified":"2022-07-26T23:01:36","modified_gmt":"2022-07-26T21:01:36","slug":"aanika-biosciences-launches-insurance-vehicle-aanika-re-with-initial-backing-from-adit-ventures","status":"publish","type":"post","link":"https:\/\/pharma-trend.com\/en\/aanika-biosciences-launches-insurance-vehicle-aanika-re-with-initial-backing-from-adit-ventures\/","title":{"rendered":"Aanika Biosciences Launches Insurance Vehicle \u201cAanika Re\u201d with Initial Backing From Adit Ventures"},"content":{"rendered":"<div>\n<p>BROOKLYN, N.Y.&#8211;(BUSINESS WIRE)&#8211;Adit Ventures, a global venture capital firm with over $400 million in AUM, has agreed to seed Aanika Re, a Bermuda-based insurance vehicle wholly owned by Aanika Biosciences, inc.\n<\/p>\n<p>\nAanika Re\u2019s mandate is to leverage the microbial tagging technology developed by Aanika Biosciences, as well as a broader swath of biological innovations, to prevent, identify and mitigate various risks in the food and agricultural industries.\n<\/p>\n<p>\n\u201cNo one in the trillion dollar insurance market is looking at biology as a source of data commented, Vishaal Bhuyan co-founder and CEO of Aanika Biosciences. He added \u201ctraceability is at the heart of three main catalysts: 1) climate changes, which could lead to a significant rise in food safety issues 2) FDA rules on traceability which are coming into effect within 24 months and 3) ESG compliance for public companies.\u201d\n<\/p>\n<p>\nWith the ability to tag and distinguish identical commodities and deploy preventative technologies, Aanika Re can provide coverage in areas that have been historically difficult to insure and potentially provide a cost savings on existing types of coverage.\n<\/p>\n<p>\nAanika Re being domiciled in Bermuda is the natural progression for Aanika since it was accepted into the Bermuda Monetary Authority\u2019s \u201cinnovation hub\u201d earlier this year.\n<\/p>\n<p>\n\u201cWe are really excited about Aanika and this opportunity, said Jon Cholak Partner and Co-Chief Investment Officer of Adit Ventures and Aanika board member. He continued: \u201cIt is rare to find compelling technology coupled with a difficult to replicate market strategy, which is what I believe Aanika has here\u2019.\n<\/p>\n<p>\nThe insurance industry is nothing new to Aanika, CEO Vishaal Bhuyan co-authored 3 books with FT Press and Wiley, on the use of insurance to address issues such as over-fishing, under-funded pensions and water scarcity. Earlier this year the company hired Catherine Bessleman, a seasoned and senior reinsurance underwriter formerly at Hamilton Re.\n<\/p>\n<p>\nAbout Adit Ventures\n<\/p>\n<p>\nAdit Ventures is an employee owned and operated asset management firm headquartered in New York. Adit manages early-stage and late-stage venture capital funds, selectively investing in dynamic, high-growth sectors like AI\/Big Data, Cloud, Critical Infrastructure, Cybersecurity, EdTech, FinTech, HealthTech, Internet of Things, New Media &amp; Entertainment and Space.\n<\/p>\n<p>\nAdit has invested in some of the world\u2019s leading companies with exits in Airbnb, Astrocast, Cytocom, DocSend, Forge, Lemonade, Lyft, Palantir, Riff Analytics, Robinhood, Snap, SoFi, Spotify and Welltok.\n<\/p>\n<p>\nPlease visit <a target=\"_blank\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.aditventures.com&amp;esheet=52792694&amp;newsitemid=20220726006104&amp;lan=en-US&amp;anchor=www.aditventures.com&amp;index=1&amp;md5=1d6b8cc17ab72f1ffde1763001a1bc1e\" rel=\"nofollow noopener\" shape=\"rect\">www.aditventures.com<\/a> for additional information.\n<\/p>\n<p>\nAbout Aanika Biosciences\n<\/p>\n<p>\nAanika Biosciences is a Brooklyn based synthetic biology startup that uses microbes to improve food safety. The company was founded in 2018 by Vishal Bhuyan and Dr. Ellen Jorgensen and has raised nearly $20 million in venture financing to date from notable investors such as Adit Ventures, Draper Associates and Plug and Play Ventures.\n<\/p>\n<p> <b>Contacts<\/b> <\/p>\n<p>\n<a target=\"_blank\" href=\"&#x6d;&#x61;&#x69;&#x6c;&#x74;&#x6f;&#x3a;&#x69;&#110;&#113;&#117;&#105;&#114;&#105;&#101;s&#64;aa&#x6e;&#x69;&#x6b;&#x61;&#x62;&#x69;&#x6f;&#x2e;&#x63;&#111;&#109;\" rel=\"nofollow noopener\" shape=\"rect\">&#105;&#x6e;&#113;&#x75;&#105;&#x72;&#105;&#x65;s&#x40;a&#x61;n&#x69;k&#97;&#x62;&#105;&#x6f;&#46;&#x63;&#111;&#x6d;<\/a><br \/>347-577-9499\n<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>BROOKLYN, N.Y.&#8211;(BUSINESS WIRE)&#8211;Adit Ventures, a global venture capital firm with over $400 million in AUM, has agreed to seed Aanika Re, a Bermuda-based insurance vehicle wholly owned by Aanika Biosciences, inc. Aanika Re\u2019s mandate is to leverage the microbial tagging technology developed by Aanika Biosciences, as well as a broader swath of biological innovations, to &#8230; <span class=\"more\"><a class=\"more-link\" href=\"https:\/\/pharma-trend.com\/en\/aanika-biosciences-launches-insurance-vehicle-aanika-re-with-initial-backing-from-adit-ventures\/\">[Read more&#8230;]<\/a><\/span><\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":{"0":"entry","1":"post","2":"publish","3":"author-business","4":"post-46597","6":"format-standard","7":"category-industry"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Aanika Biosciences Launches Insurance Vehicle \u201cAanika Re\u201d with Initial Backing From Adit Ventures - Pharma Trend<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pharma-trend.com\/en\/aanika-biosciences-launches-insurance-vehicle-aanika-re-with-initial-backing-from-adit-ventures\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Aanika Biosciences Launches Insurance Vehicle \u201cAanika Re\u201d with Initial Backing From Adit Ventures - Pharma Trend\" \/>\n<meta property=\"og:description\" content=\"BROOKLYN, N.Y.&#8211;(BUSINESS WIRE)&#8211;Adit Ventures, a global venture capital firm with over $400 million in AUM, has agreed to seed Aanika Re, a Bermuda-based insurance vehicle wholly owned by Aanika Biosciences, inc. 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