 "BioPrime raises million in Series A funding led by Belgium’s Edaphon | Company News")
BioPrime will continue to move away from a one-size-fits-all approachImage: X@Bioprimeagri
Biologicals startup BioPrime announced today that it has raised $6 million in a Series A round, led by Edaphon, with equal participation from existing investors Omnivore and Inflexor. This investment marks Belgium-based Edaphon’s first investment in Asia.
This funding will support BioPrime’s research in the crop protection segment, focusing on the co-development of biofungicides and bioinsecticides.
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The company plans to launch its existing range of biostimulants in North America, Brazil, and Southeast Asia, with trials currently underway in the US. Furthermore, BioPrime aims to advance and accelerate product development based on BioNexus, its patented technology platform, which has identified over 170 novel microbial strains from a library of nearly 18,000 strains.
BioPrime will continue to move away from a one-size-fits-all approach and enhance the B2B customer experience by offering products customized to meet specific customer needs.
Dr. Renuka Diwan, Co-founder and CEO, said, “Securing this investment is a testament to the strength and impact of our technology and the dedication of our team. We will continue to pursue our strategic priorities of accelerating the development of industry solutions in the biologicals space. We look forward to enhancing our offerings to existing B2B customers and entering into strategic co-development and licensing agreements with industry players.”
BioPrime was founded in 2016 by Dr. Renuka Diwan, Dr. Amit Shinde, and Dr. Shekhar Bhosale. The founders bring together knowledge and expertise in plant and microbe biotechnology, along with patents in targeted secondary metabolite production and animal feed.
“We invested in BioPrime because of its impressive balance between a strong portfolio of commercial products and a high-potential innovation pipeline. The company has already demonstrated success in delivering impactful solutions to the market, while its advanced R&D platform is set to unlock significant future growth,” said Vincent Vliebergh, Managing Partner of Edaphon.
Since 2016, the company has experienced remarkable growth, expanding its workforce by tenfold, tripling its product offerings, and establishing its presence not only in India but also in Southeast Asia and the US, the company stated. In under a decade, BioPrime has emerged as the preferred biologicals R&D partner for agrochemical companies and other farmer-facing agri-companies.
“The current round of investment further strengthens the growth path charted by BioPrime, leveraging its IP and consumer product portfolio. It also deepens the conviction in the biologicals space in India,” said Pratip Mazumdar, Managing Partner of Inflexor.
“The climate crisis threatens the very future of agrifood systems and rural communities across India. The complex web of challenges threatening food security and rural livelihoods demands innovative approaches with the potential for systemic change,” said Jinesh Shah, Managing Partner of Omnivore. “Our investment in BioPrime underscores our steadfast commitment to advancing sustainable farming practices.”
First Published: Oct 08 2024 | 1:33 PM IST
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