Provivi, Inc., a Santa Monica, CA-based crop protection company, completed an $85m Series C financing.
The round was co-led by Pontifax Global Food and Agriculture Fund and a global investment fund, with participation from new investor Tybourne Capital Management and existing investors Kairos Ventures, Spruce Capital, Lanx Capital, and BASF Venture Capital.
In conjunction with the funding, Dr. Philip Erlanger, co-Managing Partner of Pontifax AgTech, will join the company’s board of directors. Dr. Barbara Mazur, an expert in plant biology and a member of Pontifax AgTech’s Strategic Advisory Board, will serve as a board observer.
The company intends to use the funds for the launch of pheromone products.
Founded in 2013 by Dr. Pedro Coelho, Dr. Peter Meinhold, and 2018 Nobel laureate Dr. Frances Arnold, Provivi is developing a family of solutions for crop protection (such as corn, rice, and soy) based on pheromones as a foundation for integrated pest management. Pheromones are natural products used by insects of the same species to facilitate mating. The application of pheromones to a field allows for the control of damaging pests while preserving beneficial insects.