Provivi Raises $85 Million For Environmentally Safe Crop Protection
Provivi, Inc, which develops crop protection using natural sources, announced it has completed its latest Series C financing round.
The funding, which totals $85 million, was co-led by Pontifax Global Food and Agriculture Fund, and an unnamed global investment fund. The round is also joined by new investor Tybourne Capital Management, and existing investors Spruce Capital, Lanx Capital, BASF Venture Capital and Kairos Ventures.
“The Series C financing is a significant milestone in the growth of our company and builds upon an exciting year where we scaled the production of key pheromone active ingredients, continued to demonstrate the efficacy of our products in row crops, and worked closely with farmers to demonstrate the value being created by our pheromones in field trials,” said Dr. Pedro Coelho, Co-Founder and CEO of Provivi, in a statement. “The extraordinary conditions facing growers all over the world caused by invasive pests renews our sense of urgency to scale our solutions.”
Provivi’s slate of safer, effective and cost conscious solutions for crop protection is based on pheromones as a foundation for integrated pest management. According to the startup, pheromones are natural products used by insects of the same species to facilitate mating. The application of pheromones to a field allows for the control of damaging pests while preserving beneficial insects. The agri-tech startup uses a patented production method to enable a step change in the cost of manufacturing pheromones, allowing use of this technique in large-acreage crops such as corn, rice, and soy.
With the funding, Provivi has added to its staff. Dr. Philip Erlanger, co-managing partner of Pontifax AgTech, will be joining the company’s board of directors. Dr. Barbara Mazur, a member of Pontifax’s strategic Advisory Board, will serve as a board observer. Tybourne Capital Management’s Mr. Bosun Hau will also serve as a board observer.
“We look forward to partnering with Provivi’s world class team to create an industry leader in high efficacy, sustainable crop protection,” said Dr. Erlanger. “Regulatory and consumer-driven pressures, coupled with growing pest resistance, necessitate alternatives to traditional chemical applications in crop protection markets. Provivi’s pheromone technology provides growers with a disruptive crop protection technology that directly addresses these needs.”
Provivi is based in Santa Monica, California.