ConsenSys Spin-Off BlockApps Inks Deal With Bayer's Monsanto Arm

ConsenSys spin-out BlockApps is working with Bayer Crop Science, the controversial agricultural giant formerly known as Monsanto.

Michael Pareles, the global digital strategy manager of Bayer's Crop Science division, told CoinDesk that Bayer's plan is to partner with BlockApps to "Increase our applications of blockchain, both in our operations and in our industry."

BlockApps CEO Kieren James-Lubin said his startup's aim is to graduate several clients out of production mode and into "Live" services in 2019 as it consecutively raises a Series A round.

BlockApps originally emerged from ConsenSys in 2016 with over $3 million in funding from both the Brooklyn venture studio and outside investors such Fenbushi Capital, which at the time included fund advisor and ethereum creator Vitalik Buterin.

A source with knowledge of BlockApps financials, who asked to stay anonymous for legal reasons, said the startup also earned almost $2 million last year primarily through licensing deals and a few consulting contracts.

Blockskye, a startup that manages inventory and booking within the travel industry, is one BlockApps client that has already transitioned beyond the proof-of-concept stage.

Unlike many ConsenSys companies, BlockApps generally avoids tokens and is open to offering software services beyond the scope of blockchain technologies.

If BlockApps offers a successful model for how other ConsenSys companies might spin out of the parent incubator, it also presents a harbinger of what the ConsenSys "Mesh" could actually mean.

Lubin is still a significant shareholder, owning BlockApps equity the way he does for most ConsenSys startups, which has been a point of contention for some.

According to a ConsenSys spokesperson, so far BlockApps is one of nine startups to "Spin out" of the central venture studio, including the decentralized exchange AirSwap.