Key Takeaways:
- Elicit Plant raised $48 million in Series B funding, led by Carbyne Equity Partners, to support U.S. expansion and global growth.
- Focused on biosolutions, Elicit Plant’s products reduce crop water use by 20%, aiding resilience in water-stressed environments.
- U.S. launch for Bomafit Corn is set for 2025, with soybean products expected by 2027.
- Investment to drive R&D, strategic alliances, and expansion into European and Brazilian markets.
Elicit Plant Secures Major Investment to Tackle Agricultural Challenges
Elicit Plant, a global leader in agricultural biosolutions, announced the completion of a $48 million Series B funding round to support its international expansion, with an emphasis on the U.S. Corn Belt. The investment will further the development of the company’s phytosterol-based solutions, which have shown promising results in reducing crop water use by 20%, an advancement that aligns with the urgent needs of U.S. farmers facing water scarcity challenges.
Jean-François Déchant, CEO of Elicit Plant, commented on the funding, stating, “This funding validates our product’s large-scale performance and fuels our entry into strategic markets like the U.S., pushing us toward global leadership by 2028.” The company’s products, which have been trialed across maize, cereals, sunflower, and soybeans since 2022, are designed to reduce water dependency in crops, an innovation that addresses the 23% of U.S. agricultural land affected by water stress.
U.S. Expansion and Product Development
Elicit Plant is making significant strides in the U.S. market, beginning with the approval of its product Bomafit Corn in 12 Corn Belt states in 2024. The company plans a full U.S. launch of Bomafit Corn in 2025, with additional offerings for soybeans projected by 2027. These developments follow successful field trials demonstrating the effectiveness of Elicit Plant’s biosolutions in enhancing crop resilience and addressing water stress in large-scale agricultural operations.
“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,” said Dr. Pam Marrone, Chairwoman of the Board of Directors of Elicit Plant.
Expanding Global Presence and Strategic Partnerships
The Series B funding round, led by Carbyne Equity Partners and joined by Sofinnova Partners, ECBF, and BPI EcoGreenTech, will support Elicit Plant’s expansion into Europe and Brazil, alongside its U.S. ambitions. Carbyne Partners expressed strong support for the French company’s mission, with Partner Marius Dantl noting, “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.”
The funding will also bolster ongoing strategic alliances, including partnerships with industry leaders Bayer and BASF, and drive research and development for advanced biosolutions. Elicit Plant’s expanded R&D initiatives are aimed at accelerating the development of bio-based agricultural products to improve crop resilience in a changing climate.
Key Milestones and Leadership Appointments
The French company has been reinforcing its U.S. strategy through key appointments, including Slavica Djonovic, Ph.D., as Chief Scientific Officer based in Boston, and the addition of Dr. Pam Marrone as Board Chair in 2022. These leadership roles are set to strengthen Elicit Plant’s U.S. market positioning as it prepares for the upcoming Bomafit Corn launch and further product introductions.
With this latest funding, Elicit Plant aims to support farmers in mitigating water stress through sustainable, phytosterol-based biosolutions, and to establish a lasting impact on global agricultural practices.
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