Fungi is being put to use in a range of planet-friendly functions, from being developed as a non-polluting flame retardant to being formed into bricks for construction and even helping to break down plastics.

Now, a biotech startup has received millions in funding to use fungi in a more conventional way: improving the health of soil that has deteriorated following agricultural practices.

According to Business Insider, Australian company Loam Bio has generated $100 million from investors to scale up operations. It uses a microbial fungi-seed coating to help soil store more carbon and improve crop health.

Soil can absorb plenty of carbon from the air, helping to reduce the planet-warming pollution that traps heat in the atmosphere and increases the risk of extreme weather conditions — such as deadly storms and flooding.

Loam Bio adds a coating to seeds that allows fungi to grow as the roots take hold in the ground. The fungi live in harmony with the resulting plant, allowing it to absorb and break down carbon compounds. This allows for stronger, healthier crops and improved yields.

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According to Loam Bio, there has been a 5.1% increase in canola crop average yields and a 2.9% rise in average barley production, all thanks to fungi.

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