## Elicit Plant Secures $48 Million to Fuel U.S. Expansion and Global Leadership in Sustainable Agriculture
Elicit Plant, a pioneering global agri-biotech company, is making waves in the world of sustainable agriculture. The company, specializing in biosolutions for broadacre crops, has just secured a hefty $48 million in Series B funding, a significant boost to its global expansion plans, with a special focus on the U.S. Corn Belt.
This investment comes at a critical time for farmers facing the growing threat of water stress. A staggering 23% of U.S. land is affected by this challenge, demanding innovative and sustainable solutions. Enter Elicit Plant, whose unique phytosterol-based biosolutions offer a lifeline. These solutions, proven to decrease crop water use by a remarkable 20%, help farmers enhance their resilience against environmental stresses.
Since 2022, Elicit Plant has been steadily introducing its products, addressing water scarcity concerns for maize, cereals, sunflower, and soybeans. Their commitment to sustainability and efficacy has already garnered significant success, paving the way for a strong U.S. market presence.
Strengthening U.S. Market Presence
Following impressive field trials and the 2024 registration of Bomafit Corn across 12 key Corn Belt states, Elicit Plant is poised for a full U.S. launch in 2025. They are not stopping there. Plans are already in motion to extend their offerings to soybeans by 2027, further solidifying their position as a leading provider of sustainable solutions for U.S. agriculture.
The CEO, Jean-François Déchant, explains, “This funding validates the large-scale performance of our product and fuels our entry into strategic markets like the U.S., pushing us towards global leadership by 2028.”
Dr. Pam Marrone, Chairwoman of the Board of Directors, echoes this sentiment: “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.”
Marius Dantl, from Carbyne Equity Partners, the lead investor in this round, highlights the significance of biosolutions in sustainable agriculture: “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.”
A Boost for Global Expansion and R&D
The $48 million investment, led by Carbyne Equity Partners with participation from Sofinnova Partners, ECBF, and BPI EcoGreenTEch, will fuel key initiatives:
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U.S. Market Entry:
The funding will accelerate the company’s U.S. market entry in 2025 and scale up operations in Europe and Brazil.*
Strategic Partnerships:
Elicit Plant will expand its strategic alliances, including ongoing collaborations with industry giants Bayer and BASF.*
Accelerated R&D:
The investment will fuel their commitment to developing cutting-edge bio-based solutions.Key U.S. Market Milestones
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Bomafit Corn Approved:
Elicit Plant’s Bomafit Corn has been approved in key Corn Belt states including Iowa, Minnesota, and Ohio.*
Corn Launch:
The company is set to launch Bomafit Corn in the U.S. market in 2025, with expansion to soybeans by 2027.*
Leadership Appointments:
Elicit Plant has further strengthened its leadership team with the appointment of Slavica Djonovic, Ph.D., as Chief Scientific Officer in Boston. Dr. Pam Marrone was appointed Board Chair in 2022, demonstrating the company’s commitment to the U.S. market.With this substantial investment and a clear vision for the future, Elicit Plant is poised to revolutionize sustainable agriculture, paving the way for a more water-secure and resilient future for farmers and the planet. For more details, visit www.elicit-plant.com
