Elicit Plant Raises €16M To Accelerate R&D And Marketing Of Its Natural Solution Dedicated To The Reduction Of Water Consumption By Plants In Agriculture
Elicit Plant Raises €16M To Accelerate R&D And Marketing Of Its Natural Solution Dedicated To The Reduction Of Water Consumption By Plants In Agriculture
02/07/22, 6:00 AM
Location
moulins-sur-tardoireMoney raised
€16 million
Industry
biotechnology
Elicit Plant, an AGtech company specialized in crops’ water resistance and in the development of innovative phytosterol-based solutions, announces it has raised €16 million in a Series A financing round. The capital component was led by Sofinnova Partners, with the support of ECBF, Bpifrance, and historical investors, Aquiti Gestion-NACO fund and Credit-Agricole Charente Perigord Expansion, the rest of the funding came from a banking pool and public programs from Region Nouvelle Aquitaine and Bpifrance.
Company Info
Location
moulins-sur-tardoire, charente, france
Additional Info
Elicit Plant is an agro-biotech company created in 2017 with the ambition to become a sustainability transition champion in agriculture and respond to the global challenges of water stress in crops. Based in Charente (France), the firm has about thirty employees across its headquarters and precision farm and its Brazilian branch in Sao Paulo. Elicit Plant’s proprietary technology is delivered through foliar application of phytosterols, a molecule found in plants that reduces water consumption by plants. Laboratory and open-field trials, conducted in partnership with a network of renowned French and international Labs and farmers, showed yield gains of up to +20%. Following a market approval delivered by French regulatory authority, Elicit Plant launched in April 2021 the commercialization of its first BEST-a products addressing corn and soybean crops.