The protective coatings developed by Crop Enhancement can act as a barrier against pests, insects and can be sustainable alternative to chemical-based pesticides
Image: Crop Enhancement’s layer offering protection to fruits on a plant. (Credit: Crop Enhancement/Business Wire.)
Crop Enhancement, a developer of agrochemical products, has secured $8m in Series B funding led by Spruce Capital Partners/MLS, with participation from 1955 Capital, Phoenix Venture Partners, Cavallo Ventures, Davinia Investment, and Alexandria Ventures.
Crop Enhancement has developed sustainable bio-compatible chemicals, which when sprayed on plants, will add a protective surface on leaves, stem and fruit.
The surface can significantly improve the resistance of the plants against pests and diseases while decreasing the need for synthetic pesticides and pesticide applications.
The funding will help forge partnerships to trial its protective coating product
The Series B round of investment will be used by Crop Enhancement to forge partnerships with agrochemical companies and regional distributors.
Through the partnerships, the company also aims to broaden field trials for high-value fruit and vegetable segments and to advance regulatory efforts across the US, the European Union, Brazil and in Central America.
Crop Enhancement CEO Kevin Chen said: “This latest financing reflects the successful de-risking of multiple aspects of our business: we’ve advanced our core technology, brought in top talent, addressed regulatory requirements, and cultivated several market-entry approaches.
“Helping growers protect or enhance crop yield is even more important during the current crisis. We are grateful for the support of our investor syndicate and look forward to welcoming other like-minded organisations and investors to join our mission.”
The company’s first product, CropCoat is claimed to offer growers a sustainable solution with effective modes of action for yield protection and enhancement relative to synthetic chemicals in several global crops.
The product can also be applied in conjunction with agricultural inputs including nutrients and other active ingredients.
The company further claims that it has achieved several milestones in its field trial programmes, where its product was used on coffee plantations to protect against coffee berry borer and coffee leaf miner insects as well as coffee leaf rust (a type of fungus).
On almond trees, the product was used against orangeworm insects. On cocoa, it was useful against mirid and cocoa pod borer insects, as well as black pod (a type of mould).
The company said that it aims to field trial on grapes, apples, broccoli, onions and tomatoes this year.
Spruce Capital Partners managing director Greg Young said: “Today’s consumers are increasingly aware of and concerned about how their food was grown and made. In response, the agriculture and food industries are investing in new approaches to improve production.
“That’s why we’re so excited about Crop Enhancement, whose technology provides growers with crop protection solutions that employ softer and safer chemistries.”