September 11, 2024 - Solasta Bio, a leading agri-biotech company specialising in the next generation of green insecticides, have completed an oversubscribed $14 million Series A funding round to accelerate the development of its unique peptide-based, nature-inspired bio insecticides - the first of their kind to be developed worldwide.
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| Shireen Davies, CEO co-founder, SOLASTA Bio |
The investment round was led by Forbion via its BioEconomy fund strategy, with co-lead investment from agricultural strategies FMC Ventures (FMC Corporation) and Corteva Catalyst (Corteva Inc). Participation from existing investors included Cavallo Ventures (Wilbur-Ellis), Rubio Impact Ventures, Scottish Enterprise, UKi2S, SIS Ventures and University of Glasgow, brining the total raised to date to $19 million. In the contest of this round Joy Faucher from Forbion will join the company's board of directors.
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Series A funding follows a successful 2023 trial season in which Solasta Bio's unique insect control agents demonstrated efficacy on par or better than commercial standards across 20+ fields trials on multiple crops in Europe, the UK and US.
Established in 2021, Glasgow-based Solasta Bio has developed the world's first technology platform for creating insect control agents that are nature-inspired rather than selected from a synthetic chemistry library. As well as meeting the efficacy standards of current chemicals on the market, these environmentally friendly agents address a growing global need for effective crop protection by selectively targeting insect pests while protecting beneficial pollinators such as bees. Solasta Bio's platform can be mobilised for any pest of interest, across both crop and non-crop applications such as stored grain.
With the investment round secured, Solasta Bio will continue to advance its technology platform and pipeline of insect control agents, targeting a $27 billion annual market opportunity. In parallel, the business will continue to build out its US operations, having already established a base in North Carolina, expand its real-world field trials across key geographies, scale-up its biomanufacturing capabilities and further develop strategic opportunities including applications beyond crop use.
The company is targeting market entry as early as 2027 - at least half the time traditionally then by synthetic pest control products - demonstrating a significant advantage of the platform technology.
Solasta Bio is co-founded by CEO Shireen Davies and CSO Professor Julian Dow and brings together a leadership team of technical and agrochemical industry specialists including Daphne Preuss, Paula Pinto, David Armour and Rob Wylie.
With the urgent need to protect pollinators and wildlife, while boosting agricultural productivity, Solasta Bio aims to play a leading role in the transition towards sustainable crop protection. The global insecticides market is currently dominated by synthetic chemicals accounting for 94 percent of insect control solutions. While 75 percent of food crops and dependent on pollinator insects, other insects cause enormous social, health and economic damage accounting for at leat $70 billion in US crop losses alone. However, the insecticides market is under increasing pressure from widespread insect resistance, lack of species specificity, increasing regulatory controls and consumer preferences for non-chemical residues.
Shireen Davies PhD, FRSE, CEO and Co-Founder, Solasta Bio, commented:
"Solasta Bio has come a long way since we set out on this journey three years ago. Having established operations in the UK and US, we've now got an international team with outstanding competencies in technology and agribusinesses and, importantly, we have developed our unique technology platform to address grower pain points. The results of our field trials have been hugely encouraging, demonstrating high efficacy of biopeptides against target insect pests, as effective or better than standard insecticides. With Series A now secured, it's time for Solasta Bio to kick on to the next level and successfully hit our targets for commercialisation."
Joy Faucher, Partner at Forbion BioEconomy, commented:
"As traditional insect control agents struggle with resistance and impact to biodiversity, Solasta is poised to revolutionise the crop protection market at a critical time, wit a cost-effective, sustainable and high-efficacy alternative that can be adopted seamlessly by farmers. The team's deep expertise in insect neuropeptide modalities, their differentiated tech platform and proven real-world data provide a unique position to launch a series of first-in-class products that can redefine the agriculture industry."
Mark Brooks, Managing Director, FMC Ventures, commented:
"Solasta's nature-inspired approach to insect control is a game changer in crop protection. Their approach addresses the critical issue of insect resistance while also supporting the goal of preserving pollinators and biodiversity. We have been in contact with Solasta for a long time, assessing their potential to benefit crop protection. FMC Ventures is proud to co-lead this funding round and accelerate progress towards more sustainable inputs in crop protection."
Tom Greene, Senior Director and Global Leader, Corteva Catalyst, commented:
"Solasta is a critical player in the rapidly expanding market for nature-inspired crop health products - particularly in the peptide technology space. They are driving the type of sustainable innovation necessary to advance the next generation of biological and naturally inspired crop protection technologies, and Corteva Catalyst is pleased to stand alongside Solasta as a co-lead investor in this funding round."
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The Global MillerThis blog is maintained by The Global Miller staff and is supported by the magazine Milling and Grain
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