Pivot Bio announced the close of a $430 million Series D funding led by venture firm DCVC and Singapore’s Temasek Holding, bringing the total equity raised to more than $600 million. The company's valuation is now near $2 billion and farmers are using its products on more than 1 million acres of crops.
The funding will accelerate the company’s release of new products focused on replacing the $60 billion of synthetic nitrogen fertilizer sold each year to sustain corn, wheat, and rice, according to the company. The Berkeley-based firm released its first product, Pivot Bio Proven, in 2019 and launched versions for wheat in 2020 and sorghum this year.
For the 2022 planting season, the firm will release a new version for corn, Pivot Bio Proven 40, which the company says will enable farmers to replace up to 40 pounds per acre of synthetic nitrogen, almost double that of the company’s inaugural product.
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“We have earned the trust of farmers for our direct-to-grower approach and have proven that our products provide consistent yields and profits for farmers, even in the face of a volatile climate,” said Karsten Temme, the company's CEO and co-founder. “Our track record of delivering a solution to address farmers’ needs and remediate the challenges facing our planet has also earned us the support and confidence of our investors.”
Pivot Bio’s next stage of growth will focus on rapidly scaling its U.S. business and expanding into key international markets, according to a company release.
For more on Temme, you can listen to his interview about Pivot Bio on Open Mic.
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