Pivot Bio Launches Second-Generation Product
Pivot Bio is introducing Proven 40, which is marketed to replace up to 40 lb. per acre of synthetic nitrogen. Since 2019, Pivot Bio has released four products via its direct-to-farmer model focusing on microbial nitrogen.
“Pivot Bio is driven to serve farmers by simplifying the challenges of managing nitrogen and ensuring resilient farm productivity. We have built a platform for accelerating nitrogen innovation in the market, and our products are delivering recurring positive outcomes for the growers we serve,” Karsten Temme, Ph.D., Pivot Bio co-founder and CEO said in the product announcement. “We are establishing relationships that will span decades and aim to provide the sole source of nitrogen needed to power the economic and environmental sustainability of global agriculture for generations to come.”
The company says Proven 40 almost doubles the performance of its inaugural product, and Proven 40 provides improvements in consistent results and strong performance in all weather conditions.
“We have earned the trust of farmers for our direct-to-grower approach and have proven that our products provide consistent yields and profits for farmers, even in the face of a volatile climate,” said Temme. “Our track record of delivering a solution to address farmers’ needs and remediate the challenges facing our planet has also earned us the support and confidence of our investors. The Pivot Bio team looks forward to continuing our success at scale.”
In 2021, the company says its products have replaced synthetic nitrogen on more than 1 million crop acres.
In addition to the new product release, the company has announced the close of a $430 million Series D funding, which will be used to further expand Pivot Bio’s U.S. business and International growth. The company says it has found success with its proprietary computational and microbiome technologies, multi-scale automated testing, and deep scientific expertise.
“Pivot Bio exemplifies the power of DeepTech solutions to create equitable and profitable outcomes for all stakeholders in immense industries like agriculture,” said Matt Ocko, Co-Managing Partner of DCVC, which co-led the Series D funding. “Farmers are able to grow more crops to feed more people, more cost-effectively, while being even better stewards of their land and water. Societies benefit from both more abundant food and more climate-resilient and sustainable agriculture. Pivot Bio has delivered the kind of win-win-win breakthrough DCVC is honored to back, and on which we are focused as a firm.”
Investors include: Generation Investment Management, G2 Venture Partners, Rockefeller Capital Management, DCVC, Temasek, Breakthrough Energy Ventures, Continental Grain Company; Prelude Ventures; Pavilion Capital; Bunge Ventures; Tekfen Ventures; and Roger Underwood.
