The proceeds from the Series C financing will support the launch of Provivi's pheromone products
Image: Pheromones products will be used in the fields to control damaging pests. Photo: courtesy of Peggy Choucair from Pixabay.
Crop protection company Provivi has secured $85m in financing to advance the commercialisation of its pheromone products to combat pests.
The company will use proceeds from the Series C financing to support the launch of pheromone products to benefit farmers across the world.
The Series C financing round was co-led by Pontifax Global Food and Agriculture Fund (Pontifax Agtech) and a global investment fund.
The participants include new investor Tybourne Capital Management, as well as existing investors Kairos Ventures, Spruce Capital, Lanx Capital, and BASF Venture.
Provivi co-founder and CEO Dr Pedro Coelho said: “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.
“The extraordinary conditions facing growers all over the world caused by invasive pests renews our sense of urgency to scale our solutions.”
Pheromones products will be applied in the fields to control damaging pests
Provivi is involved in the development of effective and economical solutions for crop protection. It is using pheromones as a foundation for integrated pest management. Pheromones are natural products used by insects of the same species to facilitate mating, said the company.
Pheromones will be used in the field to control damaging pests while preserving beneficial insects.
Pheromones are currently applied in around two million acres of high-value permanent crops such as apples, grapes, and nuts.
Provivi’s patented production methods help produce pheromones with less cost and use in large-acreage crops such as corn, rice, and soy.
Pontifax AgTech co-managing partner Dr Philip Erlanger said: “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.”