Agriculture tech startup Pivot Bio has raised $100 million in a new round of funding, the company said Thursday.
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The Series C round was co-led by Breakthrough Energy Ventures and Temasek, according to a statement from the company. DCVC also participated in the round
The new funding will be used to scale its microbial nitrogen technology, which the Berkeley-based company says increases crop yields, and in turn, farmers’ revenues.
Instead of using synthetic nitrogen, farmers can apply the company’s product, Pivot Bio Proven, in-furrow when they plant their crops. As the roots grow in, the microbes cling onto the epidermis of the roots, forming somewhat of a symbiotic relationship, according to Pivot Bio’s website. The microbes feed off the exudates of the plant, and in turn provide nitrogen for the plant.
The company says with its cleaner nitrogen, farmers will have more consistent yields and reduce carbon dioxide emissions.
“Pivot Bio is addressing one of the most difficult challenges facing agriculture in the 21st century – reducing dependence on damaging synthetic fertilizer while increasing crop yields and creating better outcomes for farmers,” DCVC managing partner Matt Ocko said in a statement.
“DCVC led Pivot Bio’s early rounds and remains a major backer because we believe the company will truly transform global agricultural practices,” he said.
The company raised its Series B in October 2018 and its Series A in March 2016, according to Crunchbase.
Illustration: Dom Guzman
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April 30, 2020 at 10:10PM
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Agtech Startup Pivot Bio Lands $100M - Crunchbase News
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