BOSTON, Nov. 14, 2024 -- Elicit Plant, a global pioneering agri-biotech company specializing in biosolutions for broadacre crops, announces a $48 Million B Series funding round to accelerate its worldwide expansion, with a particular focus on the U.S. Corn Belt.
Innovative Biosolutions for U.S. Agriculture
Facing widespread water stress affecting 23% of U.S. land, farmers need sustainable solutions. Elicit Plant's unique phytosterol-based biosolutions decrease crop water use by 20%, enhancing resilience against environmental stresses. Since 2022, the company has successfully introduced products for maize, cereals, sunflower, and soybeans, addressing water scarcity challenges.
Strengthening U.S. Market Presence
Following positive field trials and the 2024 registration of Bomafit Corn across 12 Corn Belt states, Elicit Plant is gearing up for a full U.S. launch in 2025, with plans to extend offerings to soybeans by 2027. CEO Jean-François Déchant states, "This funding validates our product's large-scale performance and fuels our entry into strategic markets like the U.S., pushing us toward global leadership by 2028."
"Elicit Plant's proven innovation and rapid market success demonstrate its capacity to address climate challenges. This funding accelerates our U.S. entry, bringing impactful solutions to farmers." Adds Dr. Pam Marrone, Chairwoman of the Board of Directors of Elicit Plant.
"At Carbyne, we see biosolutions as key to sustainable agriculture. Elicit Plant's strong management and proven product performance made this investment a clear choice." – Marius Dantl, Carbyne Partners
Investment to Boost Global Expansion and R&D
Led by Carbyne Equity Partners, with participation from Sofinnova Partners, ECBF, and BPI EcoGreenTEch, the $48 million funding will:
- Propel U.S. market entry by 2025 and scale European and Brazilian operations.
- Expand strategic alliances, including ongoing partnerships with Bayer and BASF.
- Accelerate R&D for advanced bio-based solutions.
Key U.S. Market Milestones
- Bomafit Corn approved in key Corn Belt states (e.g., Iowa, Minnesota, Ohio).
- Launch set for corn in 2025, with expansion to soybeans by 2027.
- Slavica Djonovic, Ph.D., appointed as Chief Scientific Officer in Boston.
- Dr. Pam Marrone named Board Chair in 2022, reinforcing U.S. market strategy.
For more details, visit www.elicit-plant.com.
Press Contacts:
Maryse Camelan - maryse@mc3.co
Claire Arnoux - c.arnoux@elicit-plant.com
For more information about Fundraising : HERE
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