Lyon, France-based Elicit Plant, an agtech company specialising in water-resistance of crops and in the development of phytosterol-based solutions, announced on Monday that it has raised €16M in its Series A round of funding.
The round was led by Sofinnova Partners with the support of ECBF, Bpifrance, and historical investors Aquiti Gestion-NACO fund and Credit-Agricole Charente Perigord Expansion. Funds also came from a banking pool and public programmes from Region Nouvelle Aquitaine and Bpifrance.
Michael Brandkamp, Managing Partner and co-founder of ECBF, says, “Elicit Plant addresses water stress, a major and still unmet need for farmers looking for solutions to tackle climate challenges. Its proprietary unlocks the potential of a class of natural molecules. Building on its solid scientific and technological foundation, Elicit Plant is poised to conquer large international markets.”
Aims to reduce water consumption by plants in agriculture
Elicit Plant is an agro-biotech company founded in 2017. The company aims to become a sustainability transition champion in agriculture and respond to the global challenges of water stress in crops.
The company claims to have developed a ‘groundbreaking innovation’ that increases the physiological resilience of crops while preserving natural resources.
“Our products stimulate the metabolism of plants through the use of plant-derived molecules known as phytosterols. Phytosterols help reduce water consumption. They also protect plants from water stress, helping them reach their full potential,” Elicit Plant mentions on their website.
The phytosterols pass through the cuticle and the plasma membrane of plant cells. Once inside the plant, they reinforce the plant’s natural adaptation system to help it cope with stress. The plant then restricts its water loss due to evapotranspiration and stimulates its own root development so that it can draw the water resources it needs for growth. Elicit Plant’s technology, therefore, makes it possible to improve the yields of crops under stress.
The company develops its products through its laboratories located in a precision farm in the Charente region in France and its Brazilian branch in Sao Paulo. Open-field trials showed yield gains of up to +20 per cent. The positive impact on water stress reduction was validated by a network of independent French and international researchers and farmers.
In April 2021, Elicit Plant obtained market approval from French regulatory authorities and launched the commercialisation of its first BEST-a products addressing corn and soybean crops.
Capital utilisation
Elicit Plant claims that the proceeds from this round will be used to advance international growth and R&D programmes of its phytosterol based solution that addresses water stress and allows farmers to respond to climate change challenges.
The company will accelerate commercialisation of its products in France and several key markets throughout Europe, North America and South America. The funds will also be used to consolidate the scientific platform, expand laboratories, and diversify the portfolio of products to address additional types of crops.
Jean-François Dechant, co-founder of Elicit Plant, says, “The support of top tier global investors such as Sofinnova Partners and ECBF is a strong validation of the quality of our technology platform and of the fantastic potential of our solution. We are ideally positioned to accelerate our growth, bring farmers a market-breaking solution allowing them to better respond to climate change challenges, and become, in the next five years, a sustainability transition world champion in agriculture.”
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