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Pivot Bio raises $430 million in latest funding round

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Pivot Bio announced the close of a US$430 million Series D funding led by DCVC and Temasek, bringing the total equity raised to more than $600 million. The funding will fuel the company's release of disruptive products focused on replacing the $60 billion of synthetic nitrogen fertilizer sold each year just to sustain corn, wheat and rice.

Since the company introduced commercially available microbial nitrogen in 2019, Pivot Bio states it has replaced synthetic nitrogen on more than one million crop acres in 2021 alone. The company’s clean nitrogen prevents synthetic nitrogen emissions from the environment, potentially avoiding approximately $200 billion of environmental impact.

Generation Investment Management, G2 Venture Partners and Rockefeller Capital Management join returning investors in Pivot Bio's Series D, including Series D co-leads DCVC, also the Seed, Series A lead, and material investor in all funding rounds since the company's inception, and Temasek, also Series C co-lead; Breakthrough Energy Ventures, the Series B lead and Series C co-lead; Continental Grain Company; Prelude Ventures; Pavilion Capital; Bunge Ventures; Tekfen Ventures; and Roger Underwood, co-founder of biological technology company Becker Underwood. Pivot Bio's next stage of growth will focus on scaling its U.S. business and expanding into key international markets.
Pivot Bio is selling the first disruptive agricultural products in decades through a direct-to-grower model. Developed in close consultation with farmers, the company states that its nutrient measurement tools, grower engagement programs and a direct-to-farm supply chain adapt to the challenges on each farm, and deliver long-term, predictable revenue for both Pivot Bio and its farmer partners.
"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," said Karsten Temme, Ph.D., Pivot Bio co-founder and CEO. "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."
Pivot Bio PROVEN 40, the company's fourth commercial product in three years, enables farmers to replace up to 40 pounds per acre of synthetic nitrogen, almost double the performance of Pivot Bio's inaugural product. The company says the product streamlines farming operations, potentially eliminating machinery and labour required to apply synthetic nitrogen.
"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."

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