Pivot Bio’s first-to-market microbial nitrogen technology will help increase crop yields and farmer revenue
The microbial nitrogen technology will allow to increase crop yileds. (Credit: Rudy and Peter Skitterians from Pixabay)
Agricultural tech startup Pivot Bio has secured a $100m series C funding to advance its plans to scale its microbial nitrogen technology.
The Seed and Series A lead and Series B investor DCVC also materially involved in the round, while it is co-led by return investors Breakthrough Energy Ventures and global investment company Temasek.
The new funds will help the company to boost its plans to scale its first-to-market microbial nitrogen technology, which enables to increase crop yields and farmer revenue.
The microbial nitrogen technology will also help minimise greenhouse gas emissions
The technology will also support in reducing greenhouse gas emissions, water pollution, and global energy use linked to the $65bn global synthetic nitrogen fertiliser market.
Pivot Bio inaugural product, dubbed Proven, for corn will help deliver more nitrogen into the crop than synthetic nitrogen, helping to translate to an average of 5.8 bushels per acre advantage compared to fields using only synthetic nitrogen in 2019.
The company is planning to soon launch Proven product for corn farmers in Argentina. It is also planning to launch Intent to Pivot on-farm corn trials for Canadian growers via IN10T’s FarmerTrials.
Earlier this spring, Pivot Bio introduced its Return product for wheat crops in the US via limited and early-adopter programme.
Pivot Bio CEO and co-founder Dr Karsten Temme said: “Growers and our planet deserve a better fertilizer – one that balances on-farm economics with the farmer’s commitment to leave the land better for the next generation, and Pivot Bio’s technology helps them do just that.
“The strong backing by our Series C investors enables Pivot Bio to redefine the future of fertilizer and provide the world’s farmers with a new nitrogen source. Based on remarkable demand, we expect to ramp up from our large current footprint to millions of additional acres in the next growing season.”