Sofinnova Industrial Biotech
Elicit Plant validates on a large scale the performance of its BEST-a product for corn that reduces crops’ water consumption and addresses the challenges of climate change
Related StrategyIndustrial Biotech
Related Deal leadMichael Krel
Related CompanyElicit Plant
- Elicit Plant validates on a large scale the performance of its BEST-a product for corn that reduces crops’ water consumption and addresses the challenges of climate change
- The results of 150 open-field trials conducted on three continents (Europe, North America, South America) confirm a significant increase in yield: +12% on average.
- The revolutionary scientific and agronomic discoveries at the core of this performance were instrumental the firm’s ability to raise 10 million euros over the past six months via national and European R&D programs.
February 15, 2023 02:30 AM Eastern Standard Time
MOULINS-SUR-TARDOIRE, France--(BUSINESS WIRE)--Elicit Plant, an agricultural biotechnology company specialized in crops’ resistance to water stress based on a phytosterol-based technology platform, announced today that it has validated the performance on a large scale of its solution dedicated to the sustainable transition of agriculture along with increased return on investment for farmers. The 150 open-field trials carried out in 2022 on a global scale (Europe, North America, South America) by independent cooperators have shown a consistent and high performance of its solution to reduce the impact of water shortage on corn crops: +12% productivity gains (+10 bushels per acre on average/+0,6T/Ha).
This performance, unique in this product category, is based on revolutionary scientific and agronomic work carried out by Elicit Plant. The agtech company has developed a plant growth regulation technology based on phytosterols, molecules found in plants, that enable crops to better resist water stress by naturally stimulating their inherent and specific metabolic responses.
“Those remarkable open-field trial results, conducted on three continents with different climatic characteristics, confirm Elicit Plant's scientific excellence and its ability to develop unique products that address the challenges of climate change in agriculture. They also comfort our ambitious international development strategy," says Jean-François Déchant, President and co-founder of Elicit Plant. Elicit Plant’s products have been tested in the field since 2019 with a total of 500 trials to date with a win rate (positive yield response) close to 90%. Over these years, the company has systematically determined the best application timing, proprietary formulation and weather and soil conditions to drive the best results in consistency and yield increases.
Elicit Plant’s ability to raise an additional 10 million euros over the past six months via highly competitive national and European R&D programs (e.g. funding under the Governmental Plan "France 2030" -the SADEA grant to accelerate farmers’ sustainability transition-, European Innovation Council’s acceleration program) and the positive results of its large-scale trials, conclude a year marked by successful milestones:
- A Series A financing round of €16 million in February 2022, led by Sofinnova Partners with the support of the ECBF fund, the French Tech Seed Fund managed by Bpifrance and historical investors.
- The successful launch of its BEST-a product line for corn crops in France, listed by more than 50 cooperatives, including the largest ones in the country. Market approvals for its product line dedicated to corn crops in Ukraine and Brazil.
- The tripling of the workforce to sustain the firm’s global growth. Elicit Plant now employs more than sixty people ranging from R&D, to regulatory, marketing and sales.
- Breakthrough scientific discoveries rewarded by the most selective innovation competitions: DeepTech BPI, FrenchTech Agri20, EIC Accelerator, SADEA-France 2030.
Determined to give its full power to its breakthrough proprietary technological platform, Elicit Plant has drawn up an ambitious roadmap, that includes the strengthening of its governance, the diversification of its product pipeline over the next 3 to 5 years and the development of its partnership and scientific strategy in North America.
About Elicit Plant
Elicit Plant is an agbiotech 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 60 employees across its R&D Center established within a 1,000 ha farm, its offices in Lyon, and its subsidiary in Brazil. Elicit Plant’s proprietary technology is delivered through foliar application of phytosterols, molecules found in plants that reduce crops’ water consumption. Open-field trials have shown an average yield increase of +10 bushels per acre on average. In 2022, Elicit Plant began marketing its BEST-a product line for corn crops in France, and obtained market approvals for Ukraine and Brazil. For more information: www.elicit-plant.com
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